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Buying a car using credit card?

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  • 03-03-2011 5:17pm
    #1
    ultra55ound
    Registered Users Posts: 50 ✭✭


    I plan on heading to Dublin pretty soon to buy a car, I've got my eye on a few and my plan is to try a few out and hopefully buy one.

    Rather than drive up with 10K in cash I was wondering would there be any problems with me putting a 10K credit balance on my visa and using that to buy the car? Is there a transaction limit that would stop me from doing this?

    I'm not sure but I think a bank draft must be made out to a person or company, is that right? I'm not certain who I'll be buying the car from so I don't think I can use one.

    Can anyone advise? Are there any other options? I don't have a cheque book


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    #2
    Rebel1977
    Registered Users Posts: 802 ✭✭✭Rebel1977


    Check first if they will accept credit card as payment

    Can you transfer funds to his account ?


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    #3
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    I tried to buy my last car on credit card, but the garage preferred a different payment method, due to the fact that the CC company charges them a percentage of it, often around 2.5%, so they'd lose €250 on an €10k car. They never mentioned a transaction limit (and could just take a couple of payments if there was), but the charge is coming directly out of their margin.


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    #4
    maggy_thatcher
    Registered Users Posts: 1,056 ✭✭✭maggy_thatcher


    When I bought my last car, they accepted my credit card for the deposit, and then a personal cheque with the balance a couple of days later. Often the car won't be ready for immediate pick up anyway, so getting a bank draft while they're preparing it shouldn't be too much trouble?


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    #5
    3DataModem
    Registered Users Posts: 3,961 ✭✭✭3DataModem


    It is important thst you realise that 1.3% of the credit card payment goes straight into the coffers of your bank. The fee the garage is charged is probably 2-2.5% ... the reason they don't take them is the risk of fraud. A chargeback would kill a business like that.


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