Paying for Prius with a credit card

[maggieddd]

<div class='quotetop'>QUOTE(djasonw\";p=\"110710)</div>

All you have to do is use those offers to pay the bank where the loan originates from.[/b]

Does that mean that I can directly transfer a balance from the Credit Union to a credit card???

[azemission]

Capital One has a 0% interest for 12month offer. I am going to use the check they sent me to purchase my new Prius.....

Dean

[maggieddd]

there is a fee for each check, my checks said 3% on top of the APR

[azemission]

What I got was "No balance transfer fees; 0% introductory rate on balances transferred"

Check out this link

0% APR offer link

[CAStaszak]

Call the credit card company and talk to them about it. I know my first car I paid off my loan with a balance transfer on a new credit card, just did it over the phone. My Prius purchase I used low interest checks, and the fees are usually 3% or $50max, so it only cost me $50, and I have a low rate for as long as I have a balance.

[maggieddd]

check and balance transfers are are a little different. read a fine print on your checks there is a fee for each check, my says 3%,

[ryogajyc]

Just be careful with the 0% APR. You don't want any regular credit balance on that card, b/c any payments will pay toward the 0% balance transfer prior to paying of the regular balance. This means you will be charged the regular APR on your regular balance until you pay off both your balance transfer and your regular credit balance.

[meeminator]

My dealer had a $2500 credit card limit...but I also paid a $500 deposit with a credit card, so I'm glad I could at least get points for $3000.

[maggieddd]

<div class='quotetop'>QUOTE(ryogajyc\";p=\"110867)</div>

Just be careful with the 0% APR.  You don't want any regular credit balance on that card, b/c any payments will pay toward the 0% balance transfer prior to paying of the regular balance.  This means you will be charged the regular APR on your regular balance until you pay off both your balance transfer and your regular credit balance.
[/b]

Thanks for this tip. I did call the credit card company, and they told me the same thing, that my payment will go toward the 0% APR first. So what I am going to do, is get a card that I will only have the car balance on it. I will probably have to get 2 separate cards, because I don't have a single credit card with over $20000 credit line.
How much will a minimum monthly payment be on let's say $12000?

[NuShrike]

Also, having ANY balance > 50% of your credit card limit DROPs your credit rating a little. Of course, then having a bunch of other balances will also drop it too.

This will affect your ability to get a decent rate loan later.

Now asset-backed loan balances OTOH, look good on your credit rating.

Then of course, the credit card company can then change the terms of your 'loan' at any time AFTER the transaction, such as default rate you for being late on a $1 balance an unrelated credit card. [PBS documentary]

In the long term, it's a safer bet to stick with a real loan either from your CU, bank, Toyota where once you sign, nothing changes after.

Work less hard and peace of mind.