Puting Car Finance on to a interest free CC.

nikmondo

Guys,

I have car finance which runs out in about 17 months and I worked out if I payed it off now I could save myself £300, its not much but £300 is £300. So I was thinking is there a way to transfer the balance of my loan on to an interest free credit card? I know you can balance transfer from a credit card to another credit card but is it possible to do this with a loan?

Thanks Peeps.

Niki

jd87

You probably need to get a card that allows you to transfer money to a bank account (sometimes called a "money transfer" or a "super balance transfer"). You would then use the money put into your bank account to pay off the loan. Are you sure you are even allowed to pay off the car finance early?

nikmondo

jd87 wrote: »

You probably need to get a card that allows you to transfer money to a bank account (sometimes called a "money transfer" or a "super balance transfer"). You would then use the money put into your bank account to pay off the loan. Are you sure you are even allowed to pay off the car finance early?

Thank you!

Yes they just gave me the early settlement figure and as I've never missed a payment I have no other charges coming.

ironlady2022

jd87 wrote: »

You probably need to get a card that allows you to transfer money to a bank account (sometimes called a "money transfer" or a "super balance transfer"). You would then use the money put into your bank account to pay off the loan. Are you sure you are even allowed to pay off the car finance early?

Bear in mind you will get charged a fee for doing a super balance transfer and is only applicable to some credit cards not all. you need to weighh up the costs and see if its worth it as you will be saving less than £300 using this method.