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Hi ,
Please advise
Can we use credit purchasing car or business use.
Hi,
I had a little trouble understanding your question.
Are you asking whether you can buy a car on your business credit card?
If so, it will depend upon a number of factors. You'll need to ensure your credit limit is high enough to cover the cost of the card. Also check with your bank to see if they impose any per-day spending limits and notify them of your intention to make a large purchase (so their security programs don't flag the purchase as suspicious).
You should also consider whether it's a good idea to use your credit card to finance a car. Depending on your card, you're probably paying between 12 and 20 per cent interest on purchases. Other options (such as a car loan) may be able to finance the purchase at a much lower rate.
Your card probably also requires a minimum monthly repayment of 2 or 3 per cent. On a $10,000 car, you'll need to repay between $200 and $300 per month.
I hope this answers your question.
I had a little trouble understanding your question.
Are you asking whether you can buy a car on your business credit card?
If so, it will depend upon a number of factors. You'll need to ensure your credit limit is high enough to cover the cost of the card. Also check with your bank to see if they impose any per-day spending limits and notify them of your intention to make a large purchase (so their security programs don't flag the purchase as suspicious).
You should also consider whether it's a good idea to use your credit card to finance a car. Depending on your card, you're probably paying between 12 and 20 per cent interest on purchases. Other options (such as a car loan) may be able to finance the purchase at a much lower rate.
Your card probably also requires a minimum monthly repayment of 2 or 3 per cent. On a $10,000 car, you'll need to repay between $200 and $300 per month.
I hope this answers your question.
E
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