I am prchasing a used vehicle for $7500 i was going to use normal used car financing?

I got a credit card check from my credit card company offering me 4.99% financing on whatever i purchase with it till bal paid. Is this a better way to go? Is there anything I need to be wary of.

I am prchasing a used vehicle for $7500 i was going to use normal used car financing?rate my professor

The risk you take with an unsecured loan on a credit card is that they can raise the rate at any time if you miss or are late on a payment, or if you go overlimit, or sometimes even if your credit report shows a significant change. Also, since you don%26#039;t have a set minimum payment, it may take you longer to pay off the loan than it would if you had an installment loan.

The reward is that you can get a lower interest rate, since most used car loans are probably around 8% vs. 5% for the credit card loan.

If you are very disciplined and can be sure you will make the payments, and set up the payments so that they will be enough to pay off the loan in the same amount of time (or less) than the car loan, it can save you money.

I am prchasing a used vehicle for $7500 i was going to use normal used car financing?

loan

Which one is a better deal as far as interest rate and total costs of interest over the life of the loan for each?|||I think it is a better way to go. Credit is credit and if you can get that low of a rate on a car, for the entire term, go for it. However, it%26#039;s very odd that a credit card would offer such a low interest rate for the entire term. Read your small print thoroughly.|||it all depends on the interest, compare the two. but 4.99 is not bad for a credit card..but just make sure that it never changes..|||by law you cannot put more than 2000 bills towards a car on a credit card, your going to have to finance, the reason being is people have become leary of handing over the title to a car without it being paid for. would you believe there are people out there that buy a car on a credit card and then don%26#039;t pay for it? those jerks have ruined it for all of us (except me)|||Hi

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Hope this helps