Is it possible to buy a brand new car with a debit card?
So im gonna buy my first new car this year probably before this summer or earlier depending on how my old car holds up. I decided not to add any money into it at all because it's not worth it. Is it possible to buy a brand new car with a debit card paid in cash? Im looking at getting a mazda cx30 probably just the base model under $25k. Can i pay the car off in full with a debit card?
2021-04-04T23:59:10Z
Im not dumb i have enough savings to buy a brand new bmw if i wanted too. But i don't want to use up all my saving as that would be dumb.
garry2021-04-06T01:19:21Z
yes you can as long as you credit limit is high enough , and dont for a loan will cost you 10% while a credit card charges 20%
The mechanism is there, but your bank's rules probably aren't with respect to debit cards. You're free to, you know, make the deal and send them all the money by another method, such as a personal or cashier's check, wire transfer, ACH, etc.
Some are saying use a credit card for points/miles: and if the dealer pays a merchant fee as a percentage of the sale, you'll also pay more for the car!
A debit card is good as cash and usually the merchant doesn't pay a fee . . . . check with your issuer to see if there's a limit on your purchases (even with a big account balance I have a limit on mine in case it's lost or stolen). And my bank monitors how much and from whom I'm buying - you might want to warn them that a big on is OK.
I have bought many new cars with cash over the years and the debit card is no different. Be aware that the IRS requires the dealer to submit a 8300 form for any cash purchase over $10,000.