Buying A Car

cazaline

i WANT TO BUY A CAR AND NEED TO FINANCE ABOUT £12000, i BEGRUDGE PAYING ANY INTEREST BUT CAN PAY LARGE AMOUNTS OF MONEY OFF MONTHLY WHICH VARY IN AMOUNT. COULD I DO THIS ON A CREDIT CARD WHICH HAS FOR INSTANCE 0% INTEREST FREE CREDIT FOR SO MANY MONTHS OR DOES THIS INCUR CHARGES,,,ANY SUGGESTIONS????

mattbass

I too begrudge paying interest, that is where saving up for things becomes useful. (Oh and not shouting(CAPS LOCK)).

Some cards do have 0% for new purchases but these deals will only last for x months before normal high rates kick in.

Check the credit card section for more info.

http://www.moneysavingexpert.com/creditcards

iolanthe07

Yes - I agree. I am saving £200 a month for a new car in four years' time. Much better to receive interest than to pay it.

Tils

You should also check that you can pay for a car with a Credit Card. A lot of places wont accept them because CC people charge the companies everytime you use your card.

So when your talking 12 grand that 1% or whatever it is adds up to be quite a lot.

tbh unless your 100% garenteed to pay off that "loan" before the 0% is up I wouldnt risk the card. As soon as you get into interest areas you'll be paying a crazy amount of money vs getting a loan.

All depends on your finances. Just be carefull if you go the 0% way .....and check even if your able to do it.

kingkano

12k is also quite a mighty credit limit from the off....

my suggestion would be to get a loan, shortest term they'll give you. Make the payments and whatever extra you would have paid off put to the side in savings account. when you have enough just clear the loan (early repayment). northern rock dont charge any redemption fees and their rate is excellent right now