Loan

geordiewhite

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.

stephane_2

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.