I would like to use my American Express as my interest rate is incredible compared to the financing Arnold Clark are offering.
The easiest way to find out is to ask the dealership if they will accept an AmEx card for payment.
Most dealers do not want to take credit cards for payment, because there is a merchant fee charged to them that can be up to 5% of the amount charged.
ask the dealership, if they do except your card they may offer you a low rate if you need to finance the vehicle
putting a car on credit card, which I have done 4 times before and then paid off the balance the next month, has one down side, when you take out a car loan and pay if off your credit score will improve, however, if you put it on credit card your score will go down because you are using a lot of your available credit, even if you were to make all your payments on time simply having a large balance on a card will hurt you score
when a credit card is “maxed out” your credit score will suffer
You can but they typically charge a 2.5 % surcharge in car dealers to do that.
It is most unlikely that the APR is cheaper on Amex compared to a car loan from the dealer.
You may well be comparing the car loan APR with the base rate of the card – you need to look at APR for both for a good comparison.
Amex is not widely accepted even by those who take the other major cards.
If u r looking to use a credit card to buy a car, chances are that you can’t afford either. Why would anyone buy a car with a credit card. Maybe you should consult someone that can help you with your finances, before you get into real trouble. Good Luck
Credit card interest is compounded daily, as opposed to monthly with a car loan, plus the interest is figured on the whole amount each time…
Not a smart idea…get your financing from a bank or credit union….
The dealer will tell you.