Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until
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is paid off. i could also cancel full coverage for liability
Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?Depends.
Things to consider:
- What will be your minimum payment as a credit card? How long will it take to pay off? With auto loans, this is clear. With credit cards, it takes some math. You might not be able to afford the payments, or the minimum payment may be low, but it takes 30 years to pay off the loan.
- Is the fixed rate really fixed, or can they change it at any time. With most cards, they can.
- You will own your car free and clear, that could save money on car insurance.
- If you do this, you CANNOT use your credit card for purchases or anything else until you pay off your balance. If you do, your next payment will pay the 5.97% loan first, and leave the 20+% part of the loan you use for the purchase garnering interest.
-->Adam
Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?sounds like a better deal less intrest and no full covrage i would
Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?Dont be crazy... you cant ever write any intrest off a credit card... you would be CRAZZZY... call your tax acct
Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?More Related Questions and Answers ...
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