Can I use a credit card to pay the full price of a car? Think carefully before deciding

Nowadays, buying a house or a car can be said to be a standard option for many families. It is easier than buying a house or a car. Many friends plan to buy a car in full, but they don’t have enough money. , seeing that the credit card limit is relatively high, I plan to use my credit card to buy a car. Is this feasible? Let’s take a look.

Can I use a credit card to pay the full price of a car?

According to the conventional thinking, if the credit card limit ≥ the car price, you can swipe the card to buy a car. After all, banks also support it. Many 4S stores are equipped with POS machines that can swipe credit cards, but usually they can only be used naked. Credit card payment for car prices, such as vehicle purchase tax, vehicle and vessel tax, insurance premiums, vehicle inspection and registration fees, etc., may not be supported by credit card payment.

But compared to buying a car with a loan, buying a car in full with a credit card gives you more freedom in choosing car insurance. You don’t have to be forced to buy full insurance by the 4S store, and you don’t even need to insure it at the 4S store. Who do you want to talk to? Just contact anyone to buy insurance, and you don’t have to pay a down payment or other expenses.

Of course, there are many advantages to buying a car in full with a credit card, but there are also some disadvantages.

The first point is that after the cap on credit card rates is lifted, many 4S stores are not willing to use credit cards to pay standard rates. If you want to use credit cards, you have to bear the card fees yourself. Taking a car worth 100,000 yuan as an example For example, you have to pay a handling fee of at least 600 yuan.

Secondly, many people use credit cards to buy a car in full, and most of them want to repay it in installments. Many credit cards can be divided into up to 3 years, and it is relatively cost-effective with discounted rates. But the problem is that many banks will not let you pay in installments when using a credit card to buy a car, which is more troublesome.

So, friends who plan to pay the full amount with a credit card when buying a car must think carefully.

How about buying a car in full with a credit card? What are the precautions?

Compared with the trouble of buying a car in installments with a credit card, it is much more convenient to buy a car in full with a credit card. However, after all, credit cards also need to be repaid, but it is much simpler than paying in installments. There is no need to apply, just swipe your card and apply for installment. The dealers there are equivalent to 0 down payment.

In addition, purchase tax and car insurance need to be paid in installments. If you pay directly, purchase tax and other expenses can be paid in installments, making it easier to plan together. But it should be noted that this limitation is also obvious. First of all, many consumers do not have high credit limits, limited car model choices, and the installment rate after swiping the card is not low, generally between 0.6-1.

Generally speaking, the shorter the term, the higher the single-term rate, and the longer the term, the lower the single-term rate. Unlike credit card installment car purchases, which are generally divided into 12/24/36 installments, credit card bill installments are more flexible. You can use 2/3/6/10/12/18/24/36 installments, which is more flexible.

Can I buy a car in full with a credit card?

If the following conditions are met, a car can be purchased with a credit card in full; the unit or individual selling the car has a POS machine that can be used to swipe the card; and the consumer's credit card has sufficient credit limit for consumption; but It should be noted that after swiping a credit card, the consumption swiped on the card must be paid off in a timely manner according to regulations.

Can I buy a car in full with a credit card?

No. The third item of the credit card car purchase installment business terms stipulates that "the applicant's down payment must be paid in cash, debit card or credit card overpayment, etc., and credit card limit is not allowed to be used for payment."

Extended information

Applicants must pay the down payment in cash, debit card or Long Card credit card overpayment, etc. The credit limit of China Construction Bank Long Card cannot be used for payment.

2. When an applicant applies for Long Card credit card car purchase installment business, the purchased vehicle must be registered with the relevant government department in his or her own name, and must not be registered in the name of anyone other than himself or herself. Otherwise, China Construction Bank has the right to require the applicant to repay all remaining arrears in one lump sum, including but not limited to principal, handling fees, interest, liquidated damages and other repayable amounts. All expenses and losses arising therefrom shall be borne by the applicant.

3. When purchasing a family car, the applicant must purchase vehicle loss insurance and other insurances required by business regulations. The insurance policy should specifically indicate that China Construction Bank is the priority payee (the first beneficiary) of the insurance compensation. people).

4. The insurance period (including the renewal period) should be longer than or consistent with the installment period. If the above-mentioned insurance contract is invalid or terminated, China Construction Bank has the right to require the applicant to repay all remaining arrears in one go, including but not limited to principal, handling fees, interest, liquidated damages and other repayable amounts.

5. If the applicant applies for the mortgage installment purchase of a car but fails to cooperate in completing the mortgage, China Construction Bank has the right to require the applicant to repay all remaining arrears in one go, including but not limited to principal, handling fees, and interest. , liquidated damages and all other repayable amounts.

6. The vehicle purchased by the applicant through the China Construction Bank Dragon Card Car Purchase Installment Card installment payment can only be used by the applicant, and is not allowed to conduct false transactions or conspire with intermediaries to defraud bank credit funds. Without the written consent of China Construction Bank, the purchased vehicle may not be used for leasing, selling, giving to others, "multiple loans for one vehicle", colluding with intermediaries, mortgaging to third parties, etc. If the applicant engages in the above behavior, he should immediately repay all remaining arrears in one go, including but not limited to principal, handling fees, interest, liquidated damages and other repayable amounts.

7. If the applicant commits "multiple loans for one vehicle" or mortgages to a third party, he shall bear corresponding legal responsibilities in accordance with the law.

8. When the applicant applies for installment payment for car purchase, if the applicant also applies for installment payment for ancillary consumption related to the car purchase (such as vehicle decoration, vehicle insurance, vehicle registration fees, vehicle purchase tax and other related services), the surcharge loan Treated as a car purchase installment, the applicant shall bear relevant obligations such as on-schedule repayment in accordance with the provisions of the car purchase installment documents and other documents.