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Can you put a down payment on a car?

Even if you can use your credit card for a down payment on a car, it doesn’t necessarily mean that you should. A purchase that large could mean steep interest charges. Also, depending on how high your credit limit is, putting a down payment on your card could hurt your credit score by increasing your credit utilization ratio.

Can a dealer charge a credit card for a car down payment?

Auto down payments are often several thousands of dollars, which means the seller could lose a considerable amount of money in credit card fees. A dealer may limit the amount chargeable to a credit card or tack on an extra 2% to 3% surcharge to cover their merchant fees.

What is a good down payment for a new car?

An appropriate down payment size can depend on whether the purchased car is new or used, the buyer’s credit rating, the dealership and the auto loan terms. Generally speaking, the more you can put down, the less interest you’ll pay over time, but the average down payment is between 10% and 20% of the vehicle’s cost.

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