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Can I use a credit card to pay my car loan if I'm short on cash?
Due to some extra expenses this month, I'm not sure if I'll have the cash to pay my car loan. Can I use a credit card to make the payment?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear about your financial situation! However, I have some cautiously optimistic news: not all lenders will do this, but some will let you make a payment on your
car loan
with a credit card. Whether it’s a smart financial move is dependent on your situation and several other factors.If you can pay the balance off without getting any interest charges on your credit card, it’s not a bad move. You get the points and you don’t miss your payment.
Conversely, this can be a bad move if you have to pay extra charges to your lender, such as a credit car fee. You’ll have to weigh both sides to see if it’s a good move for you!
If you want to free up some money in the future, shop around for new car insurance! The easiest way to do this is with the
Jerry
app—we’ll get you customized quotes from top providers in seconds, so that all you have to do is choose the plan that works best for you!Best of luck with your loan, and hopefully your financial straits improve soon!
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- Gregory R.
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