Possible to transfer a loan to a credit card?

schizometric

I took out a loan to buy my car and I'm really regretting it! I've been approved and used and always kept up payments on credit cards before. I'm wondering if it's possible to transfer a loan to a 0% card (if the limit is big enough!)?

I ask because I know it's not possible to transfer overdrafts so I just wanted to check.

Many thanks

immoral_angeluk

It would depend on your loan/credit card and whether they would accept balance transfers as from my experience some will let you and some won't.

abouttimetoo

Hi

Yes, assuming you can get a high enough limit some credit cards will advance money to your current card that you could then use to pay off the car loan (some will only transfer money to other credit cards)

off the top of my head I believe that MBNA and BT both do balance transfers to a current account and fees are usually a one of charge of 3-4% + whatever interest they might charge if you can't get a 0% one.

A couple of other thoughts

• will the car loan compnay charge you any penalties for paying it off early?
• Did you take any kind of repayment protection and if so will you get some of this back
• Have a look at the credit card thread for further advice
• Would the car loan people allow you to pay it off via credit card as if so you may not need a credit card that puts money into your current account and if they do investigate charges for paying by credit card

[Deleted User]

a cc that issues cheques would do the job,my advice if you can wait a few months is to get a halifax cc i`ve done 2 balance transfers in the last year with them at special rates of 2.9% and 6.9%(for life of balance)and did one with a halifax cc chq in dec at 6.9%(with 3% fee,but it was to pay a store card off that charged 29.9%)

schizometric

Ooh, thanks for the tips! I'm looking to transfer a 3k loan (Natwest graduate loan) and 1.7k from another credit card... my last limit was about 4k though so I may not be able to do it all.

I'll look into it a bit further now (good point about early repayment) many thanks!