Loan

Options
Hi, im currently paying off a loan with the halifax for a car i bought last year i borrowed the money over 3 years paying £240 a month, i have 24 months left to pay but i was woundering if i could take out a credit card and pay my loan off with interest free credit and save maybe £40 a month could anyone tell me if this is possible, im hopeless with money so any advice would be most appreciated.

Comments

  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    Options
    Depending on your credit history you might be able to get a credit card like mbna, egg or post office which are the only ones allowing to transfer fund from your credit card to a current account. You also have to remember that you may not get a credit limit large enough to pay off everything, that generally you can only transfer about 90% of your available credit, and once the 0% offer is ending then you'll need to transfer the debt again.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards