Currently I have a 768 experian credit score and 18k in savings. I do little stuff like buying and selling cars, putting together concerts here and there and want to keep as much cash as possible on hand but do need a differant car. I am smart with credit cards and have never payed a single penny in interest. In fact I have made over $1000 in sign up bonuses/points.
I intend to sell my car for 3k cash and put down 2k cash(1k for car+1k for taxes/titling) and buy a 12k car in cash off craigslist.
Is there anything wrong with my plan. Send my dad 8k off of my US Bank Cash + card through paypal then transfer its balance to a 0 apr card(chase slate). Then make payments of $250 for 16 months and transfer the remaining balance onto another 0 apr card at end of 16 months.
This way I will be getting an 8k auto loan for a one time 2.9% paypal fee as chase slate has no transfer fee and then a one time 3% transfer fee after 16 months of the remaining balance(4000), so basically getting a car loan for only $240 in fees/interest? The 3% transfer fee is only charged on the receiving end for example if I was sending to the US Bank card not away from it correct?
