New Car is stoozing an option

neillybhoy

Hi folks I'm new to this game but I am about to buy a new car and have the money to pay for it in my A&L 5% account does anyone know the best way to pay for it or if stoozing is an option. The car will cost around 25K, any help would be appreciated whether Stoozing or other methods!!
Thanks

homersimpson_3

am i reading this correctly- you have the 25k for car in a&l account but want to get as much as possible for your money (earned interest or otherwise).
if you borrow money to pay for car you have to find credit card(s) which will lend you 25k in the first place, then pay minimum from savings account to pay off credit card (s) and hopefully keep shifting debt at the end of the 0% deal. otherwise you'll be hit by high interest charges. that way you earn as much interest as possible whilst money in savings account and if you can't find another card to transfer debt to, you have money to pay off balance. you need to work out whether interest earned will be more than possible balance transfer fees. goes without saying -you need to be discplined and all steps to avoid being caught out- charges for late payment fees. loads of other threads in the forum.
will car company give you % finance deal over a few years?

neillybhoy

Thanks for the reply homer not sure about the 0% interest that depends on where I buy it from I think and I'm trying to get the best deal. Wife doesn't want to do finance but if I can convince her it will make us money then I think she would go for it. The car will be second hand so not that easy to get finance at a low interest rate but I haven't really checked that out yet. Not sure if I've got the discipline for juggling the cards. I've juggled them plenty before for small amounts etc. Thinkit would be hard to get so much but I might try doing maybe 5K on a credit card at 0% for as long as possible. Thanks for your advice. :beer:

CarpyQS

I was think along similar lines but with a view to buying the car using intrest free stoozed credit (i dont have the benefit of £25k in the current account sadly!) I've had good success in multi card stoozzing with invested money from super balance transfers but i cashed it all in when i bought my house a few months ago. I am now considering buying a new car using the same devious methods however the problem i envisage is that the dealer will pass on thier charge for the transaction which with credit cards is a percentage rather then a switch flat rate. For places that dont use them much this can be 1-2% in some shops, my morgan stanley would off set the 2% but it needs to be the last thing mentioned after the deal on price is done because other wise it will get watered down inot the deal if you see my point.

Any advice on a main dealer typical credit card transaction rate might be is much appreciated

Reaper

neillybhoy - If you don't have the discipline for juggling cards then don't buy with stooze money, use the money you have saved instead.

If you want to dabble with stoozing then by all means do so, but keep the car out of it. Stooze and put the money in your savings account so it is available to repay the card when/if you need to.

CarpyQS - be aware that using stoozed money to buy a car is hazardous. You have no guarentee that you will be able to keep the 0% deals going. If you can't and you are unable to repay the debts you will end up with large sums of money at high rates of interest. I would urge stoozers to keep their stooze pot liquid.