Can I pay off the rest of a car loan with a credit card?

I have the money to pay off my car loan, but I was toying with the idea of paying it off with a credit card to get the points. Can I do this?

Answer
That’s a great question! Some lenders will let you pay off your car loan with a credit card, but not all of them.
If you do find a lender who allows credit card payments, you’ll want to make sure they don’t charge exorbitant fees that would wipe out the points you’d gain by using your credit card.
If you can’t use a credit card, you can just use the cash you’ve saved. Just make certain that there are no prepayment penalties for doing so. If there is, you may want to hold off, as the interest paid might be less than what you’d pay for the penalty.
One thing you can pay for each month to get points on your credit card is car insurance. But don’t overpay for it. Use the Jerry app to get the best rate—we’ll get you personalized quotes from top insurers in seconds, so that all you need to do is choose the best deal for you.
Best of luck with your loan!
Eric Schad
Answered on Oct 25, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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