Using Credit Cards For Auto Purchases
Using a credit card to purchase an automobile might be ideal for some people
. Some look at credit card auto purchases for several different reasons. A few of these reasons include:- No penalties for paying the debt off early
- Credit card companies dont have certain requirements for care on the vehicle, like auto insurance, and if you default on the debt the credit card company does not usually repossess your vehicle.
So, for those who prefer to use this type of credit for there auto loan, there are some good credit cards for auto loans but you really need to dig around and look!
A few things to keep in mind when searching for a credit card that will be used for an auto purchase are:
Limit - It can be difficult to find a credit card with a high limit but with some research there are some that are available.
Cash Advance Option - Ideally you would need a card that has a cash advance option with a low annual percentage rate on the cash advance.
0% APR - One of the better choices, if you plan on paying the loan off within a year, would be a card with a 0% APR for a balance transfer for one year, such as the GM card. In the welcome package offer from GM, you are allowed to write balance transfer checks. You can write the balance transfer check to yourself, thus, paying no interest, as long as it is paid off in the first year.
Searching for the right credit card for an auto loan can be very exhausting with all of the different cards that are available. However, it is important to do as much research as possible to find the best credit card.
There are many different options you have for research, with the Internet being the easiest and most informational. Many sites offer ratings from others who have had the different cards along with other great resources to help you find the best credit card for your auto purchase.
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