{ "media_type": "text", "post_content": "Maybe a dumb question, but I just bought my first new car and have a car payment. If I'm responsible about it, does it make sense to pay a lump sum (say 4 months worth) with my credit card that has an introductory APR promo less than 1% and then put my monthly car payments towards paying off the card? Anything I'm missing here? Is the only concern making sure I'm not doubling payments between the loan and card simultaneously?", "post_id": "61398dc523627b0030344bcb", "reply_count": 7, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Maybe a dumb question, but I just bought my first new car and have a car payment. If I'm responsible about it, does it make sense to pay a lump sum (say 4 months worth) with my credit card that has an introductory APR promo less than 1% and then put my monthly car payments towards paying off the card? Anything I'm missing here? Is the only concern making sure I'm not doubling payments between the loan and card simultaneously?

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How exactly are you going to make a lump sum payment with the credit card ? You generally cant do this unless you go through a third party like plastiq, and they charge a fee on top anyways.

smarthelpful

I see, thanks for the help all!

Could do a cash advance if the intro rate applies to that. Would be best to calculate the interest savings to see if it’s worth the hassle

Typically you can put a down payment on a credit card but not the monthly payments (with monthly payments I think the debt can get too spread out like keep using a different lender to never fully pay it so it makes some sense why… then down payment is still an initial purchase - not sure why I’m trying to rationalize this…….)

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