Can I Get a Car Loan using my credit card ?

Yes.

You can get a car loan using a credit card. But you must ensure that you will need to have a credit limit which is higher than the value of the car that you want to purchase. Ideally, you can get loan amount which is 5 times your credit limit.

There are many factors which you will need to understand:

1.      There will be minimum paperwork on loans taken via credit card.

2.      You can instantly get the loan approved and purchase the car of your choice.

3.      The interest rates will be higher than all of the car loans provided by Banks.

4.      If you default or make late payment this will impact your credit score.

5.      You will also be charged extra fees for late payments.

Our verdict:

While getting a loan against credit card is possible, we do not suggest you to do that. Plainly because the interest rates are very high and with each late payment you will be paying a lot of money.

Doing this on your credit card will get you the car you want but it will come up at a high price. Currently Loan Tap is one such lender that provides this service. So if you need to opt for a loan against your credit card and purchase the car of your dreams you can come to us and we can help you get it.