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Is it better to get a credit card which offers 3.95% for life of the loan to buy, say a used car... |
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Date:
October 13, 2006, 4:48 am |
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Is it better to get a credit card which offers 3.95% for life of the loan to buy, say a used car instead of going for a conventional auto loan at 6% int rate for 60 months ? Are the interest for credit cards and loans calculated the same ( Simple Interest) ? Also, does getting a credit card loan affect the credit history adversly when compared to an auto loan ? |
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Answer:
In my opinion, if you take a credit card with such a low APR, it is a good credit card that is likely to provide rewards and other pleasantries. But the card may give unsufficient credit limit, so it doesn't fit you. A loan has higher interest rate, but enables you to take a larger credit. Interest rates for both cards and loans depend on your credit history, but different credit companies has different credits to offer... AS for the influence on the credit report, both loan and credit card will add to your credit score if no delinquencies happen. So, decide what is better for you and make your choice. |
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