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Can I just pay my monthly car note with a credit card?
I get some great points on my credit card. So I thought maybe I could pay my car note with it to get the points while still paying my car loan. Is it possible to pay a car note with a credit card, or am I missing something?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While that’s an amazing plan that would leave you laughing all the way to the bank, the reality is that most lenders won’t let you pay your monthly
car loan
with a credit card. However, you might have a couple of options depending on your cash flow.Some lenders will allow you to pay the remaining amount of your car loan with a credit card, but you’ll still want to check to make sure the processing fee doesn’t make the credit card payment cost-prohibitive. In addition, you should make sure that you have the funds to pay the credit card off.
If possible, you should also find a credit card that comes with a 0% introductory balance so you don’t owe any interest as you pay off your credit card.
If your lender isn’t willing to let you use a credit card, you can still save some cash by paying down your car loan early with principal-only payments or two payments per month.
You should also take a look at your
car insurance
to see if you can save money there. To easily make sure you’re getting the best deal on the coverage you need, check out the Jerry
app—we’ll help you compare personalized rates from over 50 top companies and find the best rate possible for your car insurance needs.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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