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Can I pay off the rest of a car loan with a credit card?

I have the money to pay off my car loan, but I was toying with the idea of paying it off with a credit card to get the points. Can I do this?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a great question! Some lenders will let you pay off your
car loan
with a credit card, but not all of them.
If you do find a lender who allows credit card payments, you’ll want to make sure they don’t charge exorbitant fees that would wipe out the points you’d gain by using your credit card.
If you can’t use a credit card, you can just use the cash you’ve saved. Just make certain that there are no
prepayment penalties
for doing so. If there is, you may want to hold off, as the interest paid might be less than what you’d pay for the penalty.
One thing you can pay for each month to get points on your credit card is car insurance. But don’t overpay for it. Use the
Jerry
app to get the best rate—we’ll get you personalized quotes from top insurers in seconds, so that all you need to do is choose the best deal for you.
Best of luck with your loan!
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