Buying a car on 0% card , possible ?

siztenboots

siztenboots

siztenboots

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Rather than touch my cash , could you buy a car say £11K on credit with these offers currently available ? I'll leave my £11k in the saving account for another 9 months.
 
I'd imagine you'd need a pretty good credit history to get offered a card with a starting limit of 11k, you never know though - worth a shot.
 
I used to work with a guy who bought his Brand new M convertible on Credit cards - it was split across a number of cards andhe kept swapping to keep it on 0% - I wish I was that self disciplined to be able to do that sort of thing, but I know that I'd just forget to switch after 6 months or whatever and end up with the mother of all interest charges!
 
Yes, but only yes if you are absolutely excellent at keeping on top of exactly when the 0% runs out etc. Morseo if you plan to juggle it over a few 0% cards.

Even then, you might want to have a means of paying that off (which you say you have, in the bank) just in case you slip up and start incurring mega interest.
 
or split it half and half, you might be able to get 2 credit cards with 3 grand limits each. use half savings half cards.

I put 2000 of the 6000 of my celica on a 0% cc
 
PeterNem said:
I'd imagine you'd need a pretty good credit history to get offered a card with a starting limit of 11k, you never know though - worth a shot.
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Fair point, I do not know what the starting limit is.

Also I can see how this would work with a dealer, but what if the car I want is a private sale , how do they process the card/s ?
 
siztenboots said:
Fair point, I do not know what the starting limit is.

Also I can see how this would work with a dealer, but what if the car I want is a private sale , how do they process the card/s ?
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With some cards you can do a "Super Balance Transfer "

This effectively let's you take out a 0% loan for the length of the introductory offer and get the cash in your hand (or bank).

Also, once you have done the initial "super balance transfer" you can then bounce the balance around the hundreds of cards offering 0% balance transfer deals.
 
you would never get £11k on one card. You would to spread it over a number of cards. You also have to remember that there arent that many cards that offer 0% so you will be limited once the 6-12 month run ends. Personally I wouldnt do this as it is a lot of money to risk, you could end up with a bad credit rating if it goes pear shaped.
 
Yes, ignore the doubters and do it!! Just make sure you set a direct debit for the minimum payment, do not spend on the same card and make sure you know when the 0% terms expire.
 
Ah, mr mattpc, good to see you back from your Irish adventuer.

/puts on bank manager's hat.

You'd have to have a crazy income and a rather special credit rating to get an 11k limit to start with. You're looking at going over 3 cards tbh. There will also be a surcharge for paying with them and for transferring it to another card later on (normally 2%). That said, there are over 200 credit cards available in the UK.

Doing the math:

11000 + 2% for paying by card = 11220.

You'd be looking at around 4% net max for any form of savings account that doesn't have long tie-ins meaning you're only just covering the service charges each time you switch anyway.

So, sounds good, but in practice won't save you any money.
 
Kitchster_uk said:
You'd have to have a crazy income and a rather special credit rating to get an 11k limit to start with.
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Ah - admitedly the 'several cards' I referred to didn't initially have >£11k limits. And wouldn't therefore have introductory offer APR by the time the limit was over £11k. And would therefore be pointless for this excercise. :rolleyes:

/crawls back under rock.
 
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