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How can I pay off my car with a credit card?
I just got a new increase on my credit limit and I want to pay off my car loan as soon as I can. Can I do that with a credit card?
Carlos Kirby · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! Before doing anything, it’s important to consult with your loan provider, as some will not accept a credit card as a form of payment. However, if your credit limit is large enough, you can pay part of your
loan
with a credit card.Before you decide to pay with your card, though, you should also be aware of your credit interest rate compared to your loan. You may end up paying more than your remaining loan balance if the interest on your credit card payments is higher, so be aware of your financial situation before making any decisions!
If your lender does not restrict the usage of credit cards, and then you are free to pay any portion of your entire balance of your home, car or student loans with a credit card.
Once you have taken care of your loan debt, you may want to shop around on car insurance to identify more opportunities for saving money. One easy way to do this is with the
Jerry
app—we’ll get you customized quotes from top insurers in seconds, so that all you need to do is pick the plan that works best for you. And once you’ve chosen one, we’ll even help you switch!Best of luck with paying off your loan—you’ve got this!
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- Gregory R.
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