segunitb1
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Definitely not my friend. If you can't afford to hand cash over you can't afford to buy the item.
Plus just buying the car isn't the end of it, it needs fuel, you need insurance. They breakdown etc. Owning a car is a great way to get skint without going into debt before you get behind the wheel. |
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joyceeleann
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credit cards are revolving credit which is the most damaging to your credit score. I wouldn't do it. |
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Ashely B
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I wouldnt do it. |
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tha_g_child_2000
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Dont do it, finance charges will F with your life for months to come. |
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Peeled Onion Heads
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Very bad idea |
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Coral Rae
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If you don't have the money to put down don't put it on your card!!! You will end up having a car payment and a larger credit card payment. |
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Regina T
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probably not the wisest thing to do, but I've done it. |
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budlightdonkey
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dumb move |
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rollingsaab
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i dont think its a good idea |
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Beetle Becca
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Absolutely not. If you cannot afford a cash down payment, then you cannot afford the car! If your credit is not good enough(or in other cases, perhaps it's that the dealership just doesn't offer a good buyer loan program) to get a low interest rate without needing a good sized down payment, then you should work on improving the credit that you already have before taking on more credit! The ONLY time, in my opinion, that it is acceptable to put a car's down payment on credit is...if you don't carry cash on you(perhaps due to safety/theft reasons), and you know you're able to pay off the down payment IN FULL by your credit card's next billing statement.
The only other time that it might be okay(but not great) to put a car's down payment on credit, is if it is for a "once-in-a-lifetime" classic/antique car that is being sold for a VERY good deal(i.e., a $40,000 valued rare car being sold to you for $18,000 and there's no other car like it around your area). This is because these kinds of antique cars could be considered as "investments," since they are rare and their values will just appreciate/increase more over time if the car stays in good condition. But I doubt you are talking about a rare antique car, since most antique cars are ineligible for auto loans/financing anyway. |
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Sunidaze
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Using a credit card as payment for other bills is definitely not the smart way to go as you are essentially transferring a balance from one location to another - which will pay neither balance down faster and will end up costing you more in the long run. |
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wish I were
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do you have the money to pay the credit card payment, the car payment, insurance and gas and maintenance? What if the car needs repairs, will you have the money to keep the car going when it breaks down? If you can avoid using the credit card for the down payment it will always be your wisest choice!! Best wishes... |
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Matt3471
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In most cases it's a bad idea. Credit card interest rates are typically higher than average. Now if you can get a 0% for a year deal or something like that then that might be alright, so long as you pay off the balance before the introductory periods runs out. You do have to make sure you can afford both the car payment and the credit-card payments. You also have to factor in the cost of ownership and insurance.
edit:
If you can take other means of transportation then do that instead. I went without a car for more than a year of college. Mostly, I relied on my legs, car-pooling and public transport. Eventually, I got enough saved up to buy a descent used car. What you probably need to focus on is studying and paying off your debt. You might also ask your financial-aid department at the college if they can help you out. Sometimes, they offer no interest or low interest loans to students that are for living expenses. You could use that to pay off the CC. |
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Scotty Doesnt Know
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I would NEVER advise using a credit card for anything, and CERTAINLY not a down-payment on a vehicle.
Financing a vehicle can sometimes double the overall amount of money you'll pay for the vehicle.
Most financial advisors recommend that you make car payments to yourself instead, and pay cash for a vehicle.
Remember...vehicles DEPRECIATE in value, meaning the longer you keep and use them, the less they're worth. At the same time, the more you fianance, the MORE you're going to owe. Not a good combination.
On top of all that, if you use a credit card for the down payment, you'll be paying some obscene interest rate to the credit card company on the amount you financed on the down payment. |
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David's Mom!
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No! and YES!
Don't pay the higher interest rates on the credit card. If you don't have a downpayment, pay for the vehicle outright with a full loan. The interest rate is usually lower and you will only have one bill instead of two. |
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Alterfemego
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If you don't have the cash for downpayment, maybe you should wait until you do. Using a credit card should be for small purchases on a short term basis. If you know you'll have the money to pay it off when the bill comes, then ok. Short term means less than 6 months. Always pay more than balance on credit cards. |
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cardona6969
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well depends on the interest rate and if you can afford to pay off right away..if you have 0% interste for a few months go for it then pay it off soon before they raise it to the contract level..if not the case and your paying minimum monthly payments then nope! bill collectors will hound you for their money and say you owe them fair and square.. |
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nyhilly
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I would say it's just going to get you into trouble, because now you have a car payment and a HUGE minimum payment on the credit card, and that might put you in a bind where you don't have enough to cover both, especially if something happens down the road- change jobs, bills increase, etc etc |
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jettrn
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if you pay it right off its no problem. other than that...no not a good idea. |
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megs
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Normally I would not suggest using a credit card for downpayment on a car. BUT, since you need a vehicle to work I would pay the cc off and then use it for downpayment. If you dont have a car and cant get to work then you will never pay off your cc. I would also check out the interest on your cc and buy a cheap good car. Hyundai's are the best value. You can get a sonata for 12,000 and then you will have a 100,000 mile or 10 year warranty so you wont have to worry about paying if anything goes wrong with your car. They also have the highest safety ratings!
You could also go with a used car like one that is a 05 or 06. You will pay much less and still have the warranty on it! Good Luck! I know what a tough situation you are in.... |
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billy b
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can you say stupid?? |
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SPIFIMAN1
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Auto finance is what I do for a living and you have several problems here.
First it's never a good idea to put a down payment on a credit card unless you either have 0% interest or can pay it off in full inl 90-days or less due to the interest.
Second it's never a good idea to go further into debt betting on getting a better job so you can pay your way out of it.
Third if you can even get approved for a car loan most likely you will have to prove your income to the lender. Most lenders require $2,000.00 a month before taxes. |
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beauty s
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no |
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roy_glen2003
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It depends on a persons income and how long it would take to pay off the credit card, credit cards have a large interest rate and would be very unwise to use it for a down payment on a car unless you can pay it off within 3 or 4 months. |
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Andrea B
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Usually credit card rates are very high, you would end up having to pay a lot more in interest. |
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qst2sin4eva
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for credit cards, they apply a APR rate on the amt u dun pay...in the end it can either be higher or lower then the amt u borrow on a car loan. figure out how much it would cost u in the end and then decide if u wanna charge it on ur Credit card. at least in a car loan, u pay a fixed amt per month and dun have to worry about interest rates going up or stuff like that. but u need to make sure u pay each months pmt. |
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nicki
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The only reason I would do this is to build my credit. |
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