Buying a car on 0% card , possible ?

Crispy said:
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.
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unless i'm mistaken this will damage your credit score and only save you a small amount of money as loans are so cheap at the moment.
£11k over five years will only cost you a little over £1.5k in interest.....small beans compared to the damage your credit score will take.
 
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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this is the point most are missing

unless you have crazy credit score you wont get offered an 11k starting credit limt. Ive got one at 10, but it took me 6 years of using it and paying it off to get it

if your putting it on a 0 % card, its going to have to be one you've only just signed up to, which is going to be totally on credit rating, and even then, with super credit rating, its unlikely they will come in that high. more like 5 or 6 or whatever, cos they know at 0 %, any more than that and they're gonna lose out on stacks of cash

these banks arent thick you know. They dont offer you 0 % for a year then let you put 11 grands worth on the card.
 
Kitchster_uk said:
told porkies on the application methinks
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dont think so. he actually refused the limit and set it to 7k as it was more sensible for him. as you can imagine (with a CCJ) hes not the best at money management!

The_Dark_Side - i wondered if this kind of thing didnt go recorded by them or not. it would seem silly for them to keep giving out 0% card to people that are just going to abuse them in their eyes.

MrLOL - last card i got had an interest free period of 9 months and they gave me an 8.5k limit IIRC. it does depend a lot on the company in question and your credit rating.

i applied for a capital one card as they offer a very good long term rate, they offered me £300 limit. i asked if there was some mistake, maybe a zero mising, apparently not! i didnt bother taking it!
 
TomO said:
The_Dark_Side - i wondered if this kind of thing didnt go recorded by them or not. it would seem silly for them to keep giving out 0% card to people that are just going to abuse them in their eyes.
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they all use the same agencies for credit scoring, that's why if you screw one they all black ball you.
once they have data on you RE a card then the next time you apply for another card that company is privvy to it.
 
As usual there are plenty of "experts" here giving out totally the wrong information.

Firstly companies don't "black ball" you for taking out 0% cards. Taking out a 0% card is better for your credit record than taking out no card at all. It means you are "credit active" which increases your likelyhood of getting higher / further credit. You just have to make sure you manage things properly.

The CC companies are really cracking down on 0% rate tarting (or stoozing) and most have now introduced a fee for transferring a balance. This is usually 2% but will also usually be capped at around £50.

Therefore if you are borrowing £10,000 for say 9 months at 0%, even with a £50 charge you are still going to be better off than if you had paid in cash using your savings, bearig in mind that you would be losing the 5% you would earn in a top rate savings account / mini cash ISA.

There are one or two companies who still give out larger than average limits. MBNA is the one you should try if you want to give it a go.
 
carpmaster said:
As usual there are plenty of "experts" here giving out totally the wrong information.
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it's probably similar to the number of people that don't read posts fully i imagine.

the post i replied to suggested bouncing the balance around HUNDREDS of cards.
you try sending in that many applications and watch your credit score.
 
It's a good way of doing it, the transfer fees are coming in now but they are capped at a few hundred quid. And why are people saying you'll never get an £11k limit?

I'm not on a 'mega-salary' and I have a couple of cards one of which has a £10k limit. I didn't ask for it and never use it for more than a couple of grand but if you've had a credit score since 18 then it's pretty standard to be able to get big card limits.

Be sensible, move the money on time and budget for balance transfers. Having a savings account paralell to give you interest back is even better.
 
carpmaster said:
MBNA is the one you should try if you want to give it a go.
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Agreed, I have a Virgin card (rebranded MBNA) and my opening limit was £3.5k. Doesn't sound a lot, but it's a hell of a lot more than the other cards I have and not bad for my age/income at the time (applied for it whilst on placement between 2nd and 3rd year of uni).
 
If you're putting it on one or even two cards then we're talking about a credit check every 9 - 12 months. That is not going to set any alarm bells ringing as most people will have 3 or 4 per year for things as mundane as setting up a new broadband contract or new mobile phone.
 
Admiral (and all there sister companies) do a credit check every time you modify a quote so you may find you already have about 20-30 from them.

I do Stoozing and i have done since i was 18. I invest the credit card money on the stock market paying the minimum payment every month and then clearing the credit card at the end of the 0% term.

In my opinion it helps your credit score. I managed to get a Bank loan for £8k at 19. (For a car.)
 
I bought my previous car 18 months ago using a credit card, still haven't paid it off. Just swapped it for the second time to another card. Yes I've paid 2% handling charge on each transfer, but that's still a lot less than the average interest from a bank loan.
 
True (I guess they've got to make some money somehow) but 5 years 0% with a low deposit seems like a pretty good deal.

Saab 9-3 Convertible Aero 2.8 V6

Finance example: 5 Years Interest Free, £4,655 Deposit

Price - £32,931, Deposit - £4,655, Balance Financed - £28,275, Interest Charges - NIL, 60 monthly payments of - 471.26 commencing one month after delivery, Total amount payable - £32,931

after some very rough calculation you'd be saving around £5K in interest charges, I think you'd be very lucky to walk into Saab and get £5K knocked off a brand new SAAB!

HEADRAT
 
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I dont know the ins and outs but you might be able to get a fair whack knocked off and still negotiate a damn good finance rate.

Swings and roundabouts, they are all going to make their money somehow :)
 
I completely agree but an interesting site ;)

The problem with finance from dealers is they tend to want to use there own "finance" and the rates usually blow goats!

HEADRAT
 
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