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Will my car loan lender let me make payments with a credit card?
I realized I can get points on my credit card by making all my purchases with it. I want to pay my car loan with my credit card and then I’ll pay off my credit card. Is this possible?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While this is a smart idea and often recommended in some instances to get cashback or points, nearly all lenders will not let you make
car loan
payments with a credit card. If they do, chances are they will attach a heavy processing fee which will effectively negate the number of points you would earn from using your credit card. But it doesn’t hurt to ask, right?With that said, you might be able to do a balance transfer on a card that has a 0% intro APR. If it is, you can save money, provided the balance transfer fee isn’t astronomical. Furthermore, you may be able to get a cash advance to pay off your car loan, but again, you’ll have to make sure that the percentage charged doesn’t cost you more than the car loan payment or pay off itself.
However, a surefire way to earn points on your credit card each month is to use your card to pay for your car insurance. If you’d like to save money in the process, consider using the
Jerry
app. Jerry gathers personalized quotes from 50+ insurance providers to find you the best rate and coverage. The average Jerry user saves $879 a year!MORE: What is APR and how is it calculated?
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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