Can I buy a car with a credit card?

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asked Oct 28, 2022 in Buying & Selling by tingytit (1,030 points)
Can I buy a car with a credit card?

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answered Nov 29, 2022 by yellowbeannie (10,300 points)
You can buy a car with a credit card and even make a down payment on the car auto loan with the credit card.

While it may be unconventional to the average consumer, there is nothing that legally prevents you from buying a car with a credit card.

As long as your credit limit is high enough, you can put down a down payment or even a complete purchase with enough available credit.

When getting an auto loan or car loan the credit score that most lenders look for is between 600 to 700.

The higher your credit score the more chance you have at getting approved for the auto loan and the less interest you'll usually pay for your auto loan.

The lower your credit score the less chance you have at getting an auto loan and the higher interest rates you'll pay on the auto loan.

If you have a credit score of less than 600 then you're unlikely to get approved for a car loan especially if the car loan is for a new car.

You can usually get approved for a used car loan from a used car lot if you have lower credit scores or you can get a cosigner with a good credit score.

If you have a bad credit score then you can use a secured credit card to help build your credit and then apply for a new auto loan.

I had to wait until I had at least a 700 credit score to get a new car loan but was able to get a used car loan with my 640 credit score.

Some used car dealers will also work with people who have bad credit and you pay a down payment and then pay monthly too the car dealer and they improve your credit score as long as you keep your car payments up and do not miss the car payments.

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