Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until

is paid off. i could also cancel full coverage for liability

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

Depends.

Things to consider:

- What will be your minimum payment as a credit card? How long will it take to pay off? With auto loans, this is clear. With credit cards, it takes some math. You might not be able to afford the payments, or the minimum payment may be low, but it takes 30 years to pay off the loan.

- Is the fixed rate really fixed, or can they change it at any time. With most cards, they can.

- You will own your car free and clear, that could save money on car insurance.

- If you do this, you CANNOT use your credit card for purchases or anything else until you pay off your balance. If you do, your next payment will pay the 5.97% loan first, and leave the 20+% part of the loan you use for the purchase garnering interest.

--%26gt;Adam

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

sounds like a better deal less intrest and no full covrage i would

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

Dont be crazy... you cant ever write any intrest off a credit card... you would be CRAZZZY... call your tax acct

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

Are there fees for the transfer of the balance? If there are you might have to look at an amortization table to determine what is better. If there is a fee, you have to add that to the total amount of the %26quot;loan%26quot; or balance of the CC. Also, understand that the CC can charge substantially more interest if you miss a payment by 1 day depending on the terms and conditions of the card.

Also, do not cancel your liability insurance. I assume you meant the collision or comp. In many states (if not all) the liability insurance is required.

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

You will be better off as long in the long run to transfer it as long as you continue to make the same monthly payment. If you lower your payment to the minimum that the credit card requires, you may end up paying more in the long run.

Liability insurance will probably still be required for your state. You can cancel comp and collision if you want, but if you wreck it tomorrow, then you are SOL. I would never take that chance. Your car is obviously worth more than $5,000 or else you wouldn't owe that much on the loan. Why would you want to cancel your policy and take the risk of having nothing tomorrow?

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

If you follow through with the transfer DO NOT be late on a credit card payment! They often times can switch you back to the highest interest rate if you are late. With most auto loans you have a 7 day grace period.

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

absolute not !!!! As soon as you make one late payment

that credit card is just waiting to jack it up 20% or more.

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

Cutting your interest rate in half is a smart move and you will be saving on insurance on top of it. There are a few things you need to consider.

How long is the 3.99% rate available and will you pay off the loan before that rate expires.

Will you be able to make timely payments each and every month because when you're dealing with introuctory APRs they revert back to the standard rate which can be up to 24.99% the moment you make a late payment or miss a payment altogether.

If you answered yes to both questions then go for it however, depending on the value of your car, you should add fire and theft to your liability coverage because it sucks to pay for a car you don't have! Cover bases!

Should i transfer my car loan at 5.97% on 5000.00. to a credit card with a fixed rate at 3.99% until balance?

Credit card balance transfer is one of the preferred ways to get rid of credit card debt and is used by many people to get immediate relief. Credit card balance transfer essentially means that we transfer our outstanding balances from a high APR credit card to a credit card which offers low APR's. A 0% Intro APR credit card is the preferred credit card to transfer balances, but because of the widespread misuse of such credit card offers, credit card companies have withdrawn all such offers.

Indeed balance transfer saves a lot of money and can save things from going worse, but many people simply don't know the right way to do balance transfer. This article takes a look at the correct process to initiate and complete the balance transfer.

The first thing to look out, when a person wants to transfer his balances is a credit card which offers the lowest apr rates and lowest balance transfer fees. Many online credit card companies offer credit card comparisons. It is indeed a good practice to search for the credit cards using their services and decide on a credit card which offers the maximum savings. It is important to note here that balance transfer APRs depend on a person's credit history. If the credit card in question offers the lowest rates, it is definitely for those with the best credit ratings. There are different balance transfer apr's for people with lower credit ratings. So, it becomes imperative that one chooses the credit card which offers the lowest apr and balance transfer fees for his credit ratings. Read more from: http://www.credit-card-gallery.com/artic...