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Can I pay my car loan with a MasterCard?
I want to pay off my car loan with a MasterCard to get bonus cash. Will my lender let me do this?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Most lenders will not let you pay for a
car loan
with a credit card like MasterCard. If the lender does allow credit card payments, they will often be subject to a 3% processing fee, which can cancel out any bonus cash you wanted to earn.If you do find a lender willing to accept a MasterCard payment and the processing charge is less than the MasterCard bonus you’ll get, be on the lookout for
prepayment penalties
. This could add a 2% to 4% charge if you pay early—so make sure to align your automatic payments with the lender’s desired timeframe. (This will cost you more interest in the long run, so it may be smarter not to use your credit card at all.)
If you’re looking for another way to earn a bonus on your credit purchases, use your credit card to pay your car insurance bill.
Jerry
offers flexible payment methods when you switch to a new car insurance policy through the Jerry comparison shopping tool. View full answer
- Gregory R.
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