0% credit card balance transfer from car loan?

Yeah, you can. I don't suggest it, but you can. A number of issues could arise: it could take you longer than expect to sell the car, you may not get what you thought you would out of it, you may be causing a high-usage on your credit card and thus impacting your credit negatively.

It's risky. Google it:

http://www.creditcards.com/credit...d-1580.php

http://www.cardhub.com/edu/auto-l...edit-card/

http://www.ehow.com/info_7928880_...nsfer.html

My current credit card is offering 0% until 2/1/2014.. very tempting.

Quote from slickpost : My current credit card is offering 0% until 2/1/2014.. very tempting.

Yeah but there is probably a 3% fee, so what % is the car loan?

How soon is eventually? You can possibly refinance through penfed @1.49% anywhere from 12 to 60 months for $10K loan, if you do have a very good credit score.

What's the vehicle worth now and what are the terms of your current loan? Is the balance transfer fee at least a few % lower than the interest your currently paying?

I've done this in the past with an auto loan when I was offered a 0% balance transfer fee, but then I didn't pay off the loan as quickly as I thought I would. Just last year I did a similar thing, paying off a large chunk of student loans that was @6.8%, but I was diligent about paying it off and did so within a year.

We actually ended up doing this a few years ago on my wife's car - but for a different purpose. We had a CC balance transfer offer of 1% for 18 months with a 3% BT fee, but only up to $75. So we transferred the loan over and ended up saving about $500 in interest payments, though we paid it off within 18 months.

It's definitely more difficult to sell a car private party if you don't have the title. But you need to run the numbers and see how much it will cost you.

Quote from Jabbit : Yeah but there is probably a 3% fee, so what % is the car loan?

My car loan is 3%. The balance transfer fee is also 3%.. but my main purpose of wanting to do the balance transfer is so I can get the title of the car and make it easier to sell to a private party. Then I can immediately payoff the credit card when the car is sold.

Quote from slickpost : My car loan is 3%. The balance transfer fee is also 3%.. but my main purpose of wanting to do the balance transfer is so I can get the title of the car and make it easier to sell to a private party. Then I can immediately payoff the credit card when the car is sold.

Keep in mind that your car loan is a 3% APR. ANNUAL percentage rate. Which means, assuming you paid $0 for the next 12 months, you would end up having about 3% interest (about since prior interest would be compounded, but you get my drift).

The second you do a balance transfer, you IMMEDIATELY get hit with a 3% fee on the total balance.

Not trying to discourage you, as I said I did the same thing (albeit for a different reason). I just wanted to make sure you fully understood the difference.

I guess I forgot to mention why I'm selling this car. I just moved to SF and it is costing me ~$600/month to own a car living in the city.

$300/month car payment
$200/month parking
~$100/month insurance/gas