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Can you pay off a car loan with a credit card?
"I got a credit card with a $15,000 credit limit and 0% interest for 24 months.
My car loan balance is $11,000 with a 6.99% interest rate. I want to pay it off over the next two years.
Can you pay off a car loan with a credit card?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You might be able to do this. I you can, it’s a great way to save some money and get bonus points on your credit card.
The problem lies with the lender. Some lenders won’t let you pay off a loan with a credit card while others will charge you a hefty processing fee to do so.
Call your lender and see if they allow credit card payments and ask about fees. If your lender won’t charge you a fee, go ahead and use your card. If they will charge you, see how paying the fee compares to paying interest on the loan. The cheaper option is the ideal choice.”
View full answer
- Gregory R.
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