|
|
| *Loan,banking and credit>>>auto loan |
Which way will I pay less Interest? Credit card 4.99% Fixed for Life or Auto Loan 6.35%? |
Assume that my payment amount will be at least the amount I will be paying for the 6.35% car loan. If you use the credit card, and are late on even 1 payment, they can jack your interest rate all the way up to 35% (or more). There is no way I would take the risk if I were planning on paying a monthly payment. One lost check in the mail or screw up on your checking account could kill you. Also if you take the auto loan, you usually can (check to make sure) pay extra payments every month, thus reducing the interest paid over the lifetime of the loan. An extra $50 a month will make a huge difference in a couple years time. Because the auto loan has a limited lifespan (until you pay it off) and the credit card loan has an unlimited life span (as long as you use it) you will pay less in interest by getting the auto loan. this is a very good question.this is good and bad, lets just say you buy a car for 5000 dollars and your payments on the auto loan is 200 a month for 4 years. you know your have it payed off in 4 years. the credit card company, might only charge you 150 a month,so you think your saving 50 dollars a month, but your not, if you only pay 150 a month to the credit card company, it will take you years and years to pay it back, so what you must do is pay the credit card company 200 a month,as you would the auto loan company.but !!...if you put it on the credit card you will have the title to the car and then car will be yours.i hope this helps you out alittle. i paid off my auto loan with my credit card and now i have the title but i`m still paying for the car, but i own the car out right....good luck |
| Tags |
| mortgage loan consolidation loan commercial loan auto loan fha loan payday loan unsecured loan student loan personal loan |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |