Please help, Newby! 0% balance transfer to buy a car

Johnbrad

I'm thinking of applying for a credit card that has 0% on balance transfers for 16 mths.
I want to transfer about £10k into my bank account to buy a 2nd hand car and pay it off before the 16mth deal ends.
I don't think I'll have any problem getting the card as my credit rating is good and I have no other debt.

1. Is this feasible or do I have to actually have a credit card balance that needs paying off?

2. Is this the best way to get a £10k loan over 16mths?

Tixy

You could certainly use the idea of stoozing to borrow money for a short period of time - and it can sometimes work out cheaper than a loan if you can pay it back quickly. http://www.moneysavingexpert.com/loans/plastic-loans

You'd need to choose one of the cards that has the facility to money transfer not just pay off a balance - a list of these is here - http://stoozing.com/sbt.php

The issue you are likely to have is getting a card with anything like a high enough limit to do this. Obviously it depends on your financial circumstance but most card providers now start with a fairly low credit limit (often £2-3k) and see how you operate the account for the first 6months. Even if you are high earner I'd imagine you would struggle to get a limit much above £5k.