lowest min repayment card

welshguy_456

Hello, I'm after a new 0% card but I need it to have the lowest minimum repayment as I want to use it as a deposit for a car so ideally like £5 not a percentage as the deposit is likely to be £4000 so a min 2% repayment would be £80!

Any help much appreciated

Chris

Asiacat

You want someone to lend you 4000 pounds interest free and let you pay it off at 5 pounds a month which will take almost 70 years to pay off!!!

:rotfl:

Have you tried Fantasy Island or the tooth fairy?

YorkshireBoy

1% is the lowest you'll get these days, since MBNA stopped their £5/10 minimums some time ago.

This table lets you sort by minimum payment...

http://www.stoozing.com/purchases.php

You will be stung for a 2-3% fee by the dealer on the car purchase (and if you aren't you didn't haggle hard enough on the price!).

[Deleted User]

Youre not going to get anything lower than 1% plus interest. The banks found out a couple of years ago that allowing people to spend thousands and pay it back a few pence at a time wasn't so good for the economy.

DarnIt_3

When you find a lender to lend £4000 at £5 a month can you please please please let me know, I wouldn't mind applying for something from them!

Wootball

Add me to the list of people after a fantasy £4000 credit with £5 repayment please! Bloody hell if you find one I'm going on holiday.

50quidonRED

PFFFF it gets worse every day

welshguy_456

Most of you are just reading my post wrong, or I am not making myself clear, I do have the £4000 I need to borrow, but if I borrow it on a 0% credit card I can leave it in my isa and earn interest on it rather than pay the interest on the dealers finance. Thats also why I'd want the lowest repayment because the lower it is the more I can keep in my account.

Thanks for your post Yorkshireboy I'll take a look at your table.

Chris

Wootball

We aren't reading your post wrong - you just didn't mention anything that you've just said. You're on about stoozing, building up interest on the amount and paying it off all in one lump at the end to leave yourself with the interest profits. Fair play bit the advice still applies that you won't get a £5 repayment on a £4000 credit limit since they don't know you're stoozing.

welshguy_456

Ok sorry about that, so yes I guess I am stoozing. And I can now see that the lowest min repayments I'm going to get is 1% but the more I get on 0% the more I can save on the dealership interest.

chattychappy

Post was completely reasonable IMHO.

Nothing wrong with £5/month on £4000 whilst you are on 0%. This could be a very good commercial decision by a bank - after a year when the 0% runs out, they could get be getting full interest on £3940.

In the old days, you could have minimum payments of less than your interest.

Of course they have to be sure you are worth the risk.

This was the model run by MBNA for many years - they only changed it earlier this year.

It wasn't the banks that wanted the rules changed - it was consumer protection lobbyists. The rules changed for all new cards. I think that eliminated much of the competition on low repayments, so MBNA upped theirs for existing customers to 1% plus interest (and fees/whatever).

Prior to the rule change, some standard cards wanted 3%, sometimes interest + an amount etc.