Paying off a loan with a CC

oliviarosejackson

Hi everyone,

I was wondering if anyone could help us? We have a loan with the Halifax with we took out in June last year to pay for a car, we borrowed £7,000. This is over 7 years and we have monthly repayments of £134. The APR is 15% and we will end up paying a little ove £11,333 back! We have been trying to think of ways to pay it off quicker.

We have some money coming to us from rebates which should add up to around £600 and we are getting married in April and are having a wishing well, so hopefully should get a nice lump of money from that. I am hoping if we are lucky we will have £1,000 come April and any money of our own which we can save from now until then.

We were thinking of paying off this lump sum we will have off the loan and then getting a 0% credit card and pay off the outstanding balance of the loan. Then throw the £134 at the CC each month and any extra that we could. Then once the 0% balance runs out transfer it to another one.

We are very sensible with our money and we don't have any other credit cards and would not use it for anything else. We are just trying think of the best way to pay off the loan quicker and save on inteest, etc.

Thanks in advance for any help.

bigadaj

In theory that's fine but you will struggle to get 0 per cent cards for that amount.

You say you are good with money but that loan looks bad, any car loan for longer than 3 or 4 years isn't rational. What is your income and other loans/credit/ outgoings, as this will have an impact on what you can get. Also check for charges on early repayment, particularly of smaller lump sums.

Saints2011

The first thing you need to do is find out whether Halifax will accept payment by CC on a Loan I think you will find its a no.

InsertWittyName

Saints2011 wrote: »

The first thing you need to do is find out whether Halifax will accept payment by CC on a Loan I think you will find its a no.

Indeed, it is a no.