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Buying soon. My HELOC in Canada is the lowest rate I am going to get so I plan to charge as much to my PRG as I can. The whole car if possible. Then transfer from my HELOC to pay the card.
If you negotiated down to where they are making little to no money on the car, they will probably decline your request to put your downpayment on a CC, simply because of the fees they are charged. The general rule is $3000 on a CC. The other problem is, most lenders, want a "true" downpayment, not a borrowed one. This can become especially sticky if you are considered for a sub prime loan. That said, I have have put $2500 down using a CC.
help me out here,
I get the 2-3 K down payment with a CC, but why would you put more than that with the CC, seems an auto note would have a much lower interest rate, ?
@Jon123 wrote:help me out here,
I get the 2-3 K down payment with a CC, but why would you put more than that with the CC, seems an auto note would have a much lower interest rate, ?
You only want to do this if you plan to PIF. Great way to get rewards.
@Jon123 wrote:help me out here,
I get the 2-3 K down payment with a CC, but why would you put more than that with the CC, seems an auto note would have a much lower interest rate, ?
I'm not planning to borrow to buy the car. I am willing to pay cash. I would like to get some points for my payment, e.g., I could put the whole thing on my Amex PRG if they woudl let me.
(Or more accurately I can get under 3% by drawing against my HELOC in Canada rather than borrowing in the US, so from a US perspective it's cash.)
For one car, I put a $4k down payment. They wanted a check but i didnt have any on me and I had to sell my other car that was going to be the down payment but the other dealership closed already, then I pulled out the prg amex and the salesman was like "thats a good card," meaning he wasn't worried it would get declined and he would get his sale. And then I did another $3k for my girlfriends down payment for when she bought a new car and it wasn't even questioned to use another form of payment.
I would like to put the whole car on the PRG, but I bet they won't let me. Partly for the points. Partly because I want to be able to say I did it.
Guessing they will limit how much I can pay on the PRG and request a check for the rest.