Hire purchase with Black Horse and just got a Barclaycard with 20 months 0%

mwr_allen

Hi All,

I recently got a new Aprilia motorbike on hire purchase with Black Horse and on my hire purchase agreement it says my APR is 20.5% interest rate and 15.52% per annum.

The cash price of the bike is £4,219.00, deposit was £250.00 leaving £3,969.00 of credit. Hire purchase charges £1,055.25, credit facility fee part 1 £169.00, Credit facility part 2 £20.00 and purchase fee £10.00.

Total charges for credit £1,254.25, Repayment balance £5,223.25 and total amount payable of £5,473.25.

The term is 36 months with an initial payment of £169.00 then 34 monthly payments of £143.55 and a final payment of £173.55.

I have just been accepted and I have received a brand new Barclaycard which has 20 months at 0% on balance transfers not more than 90% of the card limit which is £5,000.00 and I have already transferred just over £927 to it initially from my LloydsTSB gold card.

My question is that is it going to be better for me to transfer as much as possible from the hire purchase agreement with Black Horse over to the Barclaycard making use of the 20 months at 0% afterwhich the rate on the Barclaycard goes up to I think 19.9% standard.

What can and should I do??

Thanks.