Personal Finance

Paying off car loan with Credit

  • Last Updated:
  • Dec 16th, 2013 3:27 pm
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[OP]
Newbie
Dec 9, 2013
3 posts

Paying off car loan with Credit

I want to pay off my car loan with my credit card to get TD points. The company I have my loan with said they do no accept credit as payment. Is there anyway around this? I would really like to get points for paying off my loan. There must be a loop hole somewhere to get around this. Thoughts? Comments? Ideas? Answers?

Thanks for your input!
13 replies
Newbie
Jul 25, 2008
36 posts
10 upvotes
Montreal
What "loophole" do you expect to find?
Your genius plan is not going to work. Deal with it
Member
Oct 15, 2009
399 posts
128 upvotes
There are middle-men companies that will make the payments for you and accept credit card. They usually charge 2-3% fee so generally will be more than any points you receive, and not really worth it.
[OP]
Newbie
Dec 9, 2013
3 posts
dandevilfish wrote:
Dec 11th, 2013 10:36 am
What "loophole" do you expect to find?
Your genius plan is not going to work. Deal with it
How rude! Your input is unhelpful and unappreciated.
Deal Fanatic
User avatar
Jan 6, 2011
5239 posts
1081 upvotes
GTA
What benefits does the loophole bring?? points?
Member
Oct 15, 2009
399 posts
128 upvotes
if you could find one to accept it then the points would be the benefit. Though after you've accepted the load it is now at a FI and they won't let you pay by CC. Could've bought the car on CC (If the dealership would allow it), but you'd have to have the cash to pay it off that month.
Deal Fanatic
User avatar
Jan 6, 2011
5239 posts
1081 upvotes
GTA
tmlfan3 wrote:
Dec 11th, 2013 1:56 pm
if you could find one to accept it then the points would be the benefit. Though after you've accepted the load it is now at a FI and they won't let you pay by CC. Could've bought the car on CC (If the dealership would allow it), but you'd have to have the cash to pay it off that month.
I tried when I bought my car CPO, the dealer refused me paying in full using cc, said max one third (they made that up on the spot).
Deal Expert
Mar 25, 2005
21262 posts
2086 upvotes
LongLiveRFD wrote:
Dec 11th, 2013 2:04 pm
I tried when I bought my car CPO, the dealer refused me paying in full using cc, said max one third (they made that up on the spot).
Its usually a negotiable item.
Deal Fanatic
User avatar
Jan 6, 2011
5239 posts
1081 upvotes
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Kasakato wrote:
Dec 11th, 2013 2:18 pm
Its usually a negotiable item.
My mistake was I asked to confirm and the guy changed his mind. Next time I would just make this as a last minute surprise.
[OP]
Newbie
Dec 9, 2013
3 posts
Thanks, that was a good place to start. Sigh. No bonus points for me then :( .
Deal Addict
Aug 28, 2010
1040 posts
200 upvotes
Toronto
You do know that to get those points the merchant pays a fee to accept your payment via CC. Do you expect the car dealer to lose 3% for you to make $20 in rewards?

There probably isnt a way :(
Deal Addict
Jan 2, 2013
1049 posts
132 upvotes
Mississauga
Also, your car loan is probably 4-8%, and your CC is 21%. so unless you think you can pay it off right away in one transaction, the points you get would be lost in interest anyway.
Member
Sep 23, 2013
271 posts
61 upvotes
Calgary
apoorv wrote:
Dec 16th, 2013 3:15 pm
Also, your car loan is probably 4-8%, and your CC is 21%. so unless you think you can pay it off right away in one transaction, the points you get would be lost in interest anyway.
I think that's the whole idea.

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