I want to payoff my car loan with my credit card balance transfer check, i need to find out which one for me? ?
one offer is 3.9% with 3% 1 time fee for life, and other one is 4.9% with no fee for life, the loan is over $20,000, if I plan to payoff my credit card within 5 yrs, which one should i use. how much can i save? my car loan interest is over 6%
Tags: balance, Car Credit, Car Loan Interest, Card, Check, credit, Credit Card Balance, Credit Card Balance Transfer, Credit Check, Find, loan, need, Payoff, Time Fee, transfer, Want
2 Comments at "I want to payoff my car loan with my credit card balance transfer check, i need to find out which one for me? ?"
none.. you are talking about a 1% difference over five years!!! leave it be and just pay extra on the car each month….you will screw up your credit score if you dump $20K on a credit card….your score will drop significantly because you will go over the 30% max on your available credit….
Paula M is correct. Putting $20K on a credit card is crazy – accelerate your payments instead.