Credit cards

yido76

Hi guys im thinking of purchasing a new car......and was thinking of going down the credit card route........as i was thinking it would be cheaper than the dealers financial options.......but i dont know much about credit cards and how they work...could i spend 17 grand on a credit card...........how long would i have to pay it off if i did and how much would it cost me each month..........many thanks for your help in advanced.

scottishblondie

Car dealers will usually charge on credit card payments, could be anything from around 2.5% of the transaction value upwards.

£17k is an impossible limit, on a first card you'd be looking more at the £1k mark, if that.

Interest is charged each month that you don't pay of the full CC balance, APR could be anything from 15% to 35% or more. You can take as long as you like to pay it off, but it will cost more the longer it takes.

I'd say a CC to buy a car is a non-starter, especially at that price!!