Buying a 2007 Honda Accord Lx for $6220 from the dealer

So I'm a student and I wanted to get into a better car than what I have now which is a 1999 Toyota Corolla. I went to go look at a Honda Accord that I test drove and I really want to buy it. It has 73,000 miles and compared to all the other cars I've been looking at the price is great. Now I haven't signed any papers or placed a down payment yet but I'm aware that they still need to charge Ny taxes and other dealership fees. So I would like to place a $3500 down payment and put the rest on my credit card so that I won't have to get a loan from the dealership. Do you think that is a smart idea?

Not paying a credit card off within 30 days will cost you A LOT more than a loan from a car dealer. The only way that would make sense is if you planned on going to a bank within a week afterward to get a car loan to pay off the credit card.

Your Toyota should easily last you another 5 years. I drove a 94 Buick until a year ago.

Dealers don't like to accept credit cards because of the fees involved.

And financing a car on a credit card is a bad idea.

Its great that you have $3500. Keep saving and pay cash for your next car in 3-5 years.

Plus, you might find out the Honda isn't so great after you buy it.

No, that's a really DUMB idea. If you don't want the dealer to arrange financing for you, go talk to your own bank or credit union. THEY will typically charge you somewhere between 5 and 9 percent interest on the money you borrow, while a credit card may charge as much as 29% on that same amount.

No. Why pay over 22% when you could go to your bank and get a 6% used car loan?

Have it checked out by an indepenedent shop or mechanic.

Don't get a loan from a dealership… As they have to get the money from the bank
Don't use credit card… As they have to get it from the bank
Both the CC company and the dealership want to be paid for their services of offering you easy money so the interest rate is higher than what they paid to borrow the money from the bank. Dealership may charge 15% CCcompany charge 22%
If you got to the bank you could probably secure the money for 8% So dealership and CCcompany get it for 8% and charge you an additional 7 or 14% respectively just for the convenience. Are you so rich that you are FREELY GIVING MONEY AWAY? Basically that is what you are doing when you buy convenience.
Me, I just walk a block to the bank and get the loan there. The money I owe is to the bank and I make my payments there.

The honda will outlast many other cars -- the price is good for a low miler and you shoud have trouble free driving for many years… Do the service regularly… Your n to pay for the car is ok but a bank loan would be a much smarter way to go…

Finance with a credit card?! Pure insanity. Period.

The $3500 in your hand is enough to keep your Corolla going another 10-15 years- if it even needs any repairs. Your credit card is the worst kind of financing you ever could consider- nuts! If you want something sporty, go buy a Kawasaki Ninja and riding leathers. Better idea; Put the money in some kind of investment. Call Charles Schwab or some company like that who will double your money while you sleep. Now, go to the library and study, student.