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  • FIRST POST
    • ross-wfc
    • By ross-wfc 13th Feb 18, 8:23 PM
    • 1Posts
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    ross-wfc
    Car loan
    • #1
    • 13th Feb 18, 8:23 PM
    Car loan 13th Feb 18 at 8:23 PM
    Hi, looking to get a loan of about £10,000 for a newish car. I was thinking of getting a 0% credit card, does anyone know if i would be able to get a £10k limit. I have done a soft search and would be accepted as i have a very good credit score. Cheers.
Page 1
    • zx81
    • By zx81 13th Feb 18, 8:30 PM
    • 15,465 Posts
    • 16,386 Thanks
    zx81
    • #2
    • 13th Feb 18, 8:30 PM
    • #2
    • 13th Feb 18, 8:30 PM
    Your score is made up, so not of any relevance when it comes to getting credit.

    What do you earn?

    What do your credit files show? Outstanding debt, available limits, history of making payments on time and so on?

    A £10k limit is fairly high unless your circumstances are right.
    • venison
    • By venison 13th Feb 18, 8:30 PM
    • 1,615 Posts
    • 1,728 Thanks
    venison
    • #3
    • 13th Feb 18, 8:30 PM
    • #3
    • 13th Feb 18, 8:30 PM
    Firstly your credit "score" means nothing, no one sees it except you.
    As far as limits go 10k is high for starters although it might increase at your request over time.
    If you have a good credit "history" then why not a loan some good deals around.
    I am a BG on loans,credit cards and benefits I volunteer to help get your forum questions answered and keep the forum running smoothly". Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.
    • DCFC79
    • By DCFC79 13th Feb 18, 8:46 PM
    • 30,918 Posts
    • 19,548 Thanks
    DCFC79
    • #4
    • 13th Feb 18, 8:46 PM
    • #4
    • 13th Feb 18, 8:46 PM
    Use your savings.

    The money you would use to pay the monethly amount for the card where is it, must be stashed away somewhere.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Pixie5740
    • By Pixie5740 13th Feb 18, 9:01 PM
    • 11,649 Posts
    • 16,391 Thanks
    Pixie5740
    • #5
    • 13th Feb 18, 9:01 PM
    • #5
    • 13th Feb 18, 9:01 PM
    Yes people do get offered credit cards with five figure limits but whether you will be offered one is impossible for anyone here to say.

    If you are going to use credit to purchase a car you need to look at the total costs and not just the interest rates. For example, using a 0% money transfer card could mean paying a 3% money transfer fee and if you can!!!8217;t clear the balance during the introductory period paying a balance transfer fee further down the line. Also, using a credit card means little room for negotiating a discount off the price of the car. Finance deals from the dealerships however usually allow you to negotiate a larger discount but the interest rate will be higher. A personal loan is another option, not likely to get a discount but probably cheaper than dealer finance. Swings and roundabouts.
    • Raxiel
    • By Raxiel 13th Feb 18, 9:01 PM
    • 589 Posts
    • 311 Thanks
    Raxiel
    • #6
    • 13th Feb 18, 9:01 PM
    • #6
    • 13th Feb 18, 9:01 PM
    I just got a Barclaycard with 25 months interest free on transfers and purchases with no transfer fee. They set a limit of £9500 although there was no indication what I'd get until it was approved.
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