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Jae C | What is the minimum payment for a credit card purchases? |
i'm planning to buy a car and after deducting down payment 6000 dollars will be left and my dad will pay that amount with his credit card. i just want to know how much the minimum payment for the credit card would be. i know that it's different from company to company but could you guys give me a rough idea.
i will be paying for those credit card bills (6000dollars) ,
what would be the reasonable monthly payment i should make to my dad so he can pay it off.
i know that the faster you pay it the better but i'm only a student with part time job so i can't pay that much..
should i just pay whatever i can pay every month?
i guess i should do that right? to avoid interest
?? |
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no n
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200-300 |
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kevbox2006
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DON'T DO IT!!!!!
You should NEVER put ANYTHING on a credit card that you can't pay off at the end of the month. If you put a car on a credit card, you'll be paying for it over the next 30 years if you make the minimum payments.
For what you're spending, he can finance that much and have a MUCH lower monthly payment. If he finances six grand, his payment will be about a hundred bucks or so (depending on his credit).
From the sound of it, I would recommend that you pay cash for a cheap car that will get you to school, work and home. Then, you should sit down with your dad and calculate what your monthly payment would be on six grand. Because it's a credit card, your payment would probably be about $400 or $500 and it would take forever to pay it off. You should take that money each month and pay YOURSELF instead of Visa or Discover Card.
Now at the end of 3 years, you'll have over $14,000 grand in the bank and a car than you can trade in. Now, you can go down and put ten grand on a car AND trade in your old junker and you're payment will be almost nothing!!! Now, once you have this new car, you're going to continue to make the same $400 payments. Instead of paying the yourself, you're gonna pay your loan off.
Now, in 3 years when your junker dies and you have $14,000 grand in the bank, don't go to the dealership and put it down on a Bentley!!! Get like a Neon or something like that. You might need to finance two or three grand. Over 36 months, your payments will be eighty or a hundred bucks. If you're making $400 payments, you're junk will be paid off in a year or so! Just be sure to write two checks. The first is for your monthly payment and on the second, mark "Principle Only" on it. This will pay your junk down a LOT faster.
So, you're now four years down the road, and you have a one year old car that's PAID FOR!!! If you put it on your dad's Credit Card, you'll have a four year old car that you're still making payments on.
Whatever the case, you should NEVER put a car on a credit card. Yeah, you get frequent flier miles, but with the interest you'll pay, it's not worth it.
I hope this helps!!! Good luck to you!!! |
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nickfromct
 |
The minimum monthly payment on a credit card is generally 2% of the balance. Unless your Dad has a special rate on his credit card for that purchase and doesn't plan on using the card for anything else, find another means of financing it. Credit card payments are generally applied to the lowest interest rate balances first. So even if your Dad has cheap rate on the car purchase, say 3.99% for the life of the loan, if he makes other purchases on it, you may wind up a much higher rate on the other purchases. And the monthly payments will be applied to the cheaper rate balances first. |
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honey
 |
the minimum payments depend on the interest rate that credit card is charging. Your payments will be anywhere from $250-350/ month. |
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Terry
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That would be a really, really bad idea. If your father wants to lend you the money, have him take out a loan from his bank for $6000. The interest rate is likely to be between 7 and 10%, whereas with a credit card you will be paying 26% - and since you will be paying a minimum amount back, you'll end up paying several THOUSAND dollars in interest! |
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maamu
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The only way you are going to avoid paying any interest on the 6000.00 is to pay that amount in full. If you carry a balance over to the next month, you care going to have interest tacked onto it.
There is no way to figure what your credit card payments will be unless you know the interest rate on the credit card.
M |
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Inquisitive125
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Instead of paying the balance on a credit card why not obtain a loan for the balance and put the vehicle up as collateral? This will give you a better interest rate than the credit cards and you'll have a fixed payment amount each month.
Credit card companies vary in the minimum payment amount from 2% to 4% of the outstanding balance monthly.
If you decide to obtain a loan for the remaining balance (if you're 18 or older) go to your local credit union as they are very competitive in their interest rates and provide the same products as do banks.
You can find a credit union near you at www.ncua.gov.
You can calculate the approximate payments by using the payment calculator found on www.cuna.org in the consumer information section. |
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wishbear0604@sbcglobal.net
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The minimum monthly payment on credit cards is usually between 2-5% of the balance due. For example if you owe a balance of $6000.00 and the minimum pmt is 2% then you're looking at monthly pmts of $120.00.
3% = $ 180.00
4% = $ 240.00
5% = $ 300.00
Hope this helps. :) Congratulations on your new car! |
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designerista
 |
Yes the minimum due by the credit card company will vary, but I would say it will be a few hundred dollars each month in order to eliminate paying a large amount of interest. Estimate it like this, if you pay for 2 years, then you will be paying $250.00 + interest rate each month for 24 months in order to elimate the debt. If you pay more each month, you will pay it off sooner. For a 4 year loan, $125.00 + interest each month over 48 months will settle the payment. You dont want to stretch it out for more than 2 or 3 years though because you dont want to be paying past the life of the car if that is an issue. You dont want to owe more later than what your car is worth, either. I would say pay the $250-$300 a month to your dad for best results in the matter... Good luck! |
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kylesegarra
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Usually, the minimum monthly payment on a credit card is 12% of the balance. But only pay 12% of the the balance would extend your payments for years. Best thing to do is to pay between 15% and 20% if you can afford it..... |
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DisneyKrayzie
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Yous should definatly pay off as much as you can afford. The interest rates are so high on most credit cards that you will end up paying a lot of interest. |
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LittleSpitfire
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it depends on your credit card company.
And what are you doing trying to make minimum payments! *tisk tisk* |
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Mt ~^^~~^^~
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I am thinking between $300.00 and $500.00 a month. If I go by what percentage of my cards minimum payment is.
If your father has a 6000 limit or more on his credit card, he should be able to help you finance a car and I think it would be cheaper that way instead of a credit card, that's why people finance. Can you get an auto loan yourself? Have you tried? |
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