Barclaycard Platinum instead of Car finance?

DyManic

Hi there,

I am pretty new to these forums having only browsed before today but need a bit of advice if anyone can help.

I am currently looking to get a nearly new car, probably from a car supermarket.

I will need to borrow between 7-9k and have £1k I could use as a deposit. I have looked at Tesco loans which look fairly cheap but then saw the advice on this site about the barclaycard platinum at 6.3% which is much lower.

I have a few questions if anyone has experience with this card:

1. What kind of limit are they likely to give me as a new customer - would it cover the 7-9k I need?
   
2. Are there any better options out there like finance from the car supermarket or other cards / loans ? (not sure what the supermarket would offer)
   
3. Are there any catches with the Barclaycard?

Thanks in advance for any help.

PNPSUKNET

what other credit have you got / had

DyManic

I have a loan and 2 x 0% Balance transfer cards (tesco and mint).

This makes me wonder if I would get another card - I applied for a Satander (or whatever they are called) a few months ago and got accepted with a 2.5k limit but I didnt need it in the end so never took it out - will this effect my credit rating for the worse?

PNPSUKNET

you may stuggle with a high limit, what ratio bal/limits?

DyManic

I have a limit of 5k on mint and have used less than half, I am up to the full limit on the tesco one which is about 2400.

I also have a card with Smile which has a 5k limit but I am not using that at all. The interest rate is too high.

PNPSUKNET

Going to be really honest, think barclaycard will decline you

DyManic

hmm, do you think I would get finance from the car company?

It may not be an issue as my Dad said he would take out a loan etc in my name if required and I could pay him back - he should have a very good credit rating (I am guessing here as he is retired and has no debt as far as I know). In that case I would just be after the best deal possible.

PNPSUKNET

you could get secured car finance, try your bank first though. If you dad is retired it doesnt always mean that they will accept him.

DyManic

Thanks for the advice - I will see what the bank say and go from there.

Is there any harm in applying for a Barclaycard or do you think its just a waste of time?

Moggles_2

DyManic wrote: »

Is there any harm in applying for a Barclaycard or do you think it's just a waste of time?

Barclaycard is not renowned for handing generous credit limits to new customers.
You could go for a less expensive car of course

krisskross

DyManic wrote: »

hmm, do you think I would get finance from the car company?

It may not be an issue as my Dad said he would take out a loan etc in my name if required and I could pay him back - he should have a very good credit rating (I am guessing here as he is retired and has no debt as far as I know). In that case I would just be after the best deal possible.

You need to think very carefully before doing this. What if you lost your job or some such catastrophe and you couldn't make the payments on the loan. Would your Dad be able to pay, and would he want to?