Pay off car loan with credit card??

Anthonyg_2

Hi there, about 12 months ago i got a £5500 car loan for 26months so i have 16 months left. i haven't checked but i think i owe about 3000.

I was wondering if i should pay the rest of the loan off with a card?
im paying £257pm at the minute..

thank you for your time.

Tixy

You'll probably find you cannot pay off the loan with a credit card directly. Which would then only leave you with an option of trying to get a card that allows super balance transfers to your current account?

What APR are you paying on your current loan?

Are you hoping to get a 0% promo card? How much can you afford to pay a month?

Anthonyg_2

Thanks for reply!!
the APR is 10.4% and with sainburys..
i also should have said im selling the car and will try to pay all of the loan off but i may not be able to as i need to buy a van so i may have about £1000 oustanding..
Maybe pay £100 a month?

Tixy

You'd need to consider a super transfer card (a virgin card or post office card typically) to be able to pay money in to your current account that you can then use to pay off the loan. Or possibly a tesco or M&S card via the sterling travellers cheque route - you get a 0% purchase card, but the travellers cheques from tesco/M&S and then pay them into your current account - they treat these as purchases rather than cash advance and only charge a 1% fee.

If you could get a suitable card (subject to your finances and credit history) then it certainly sounds like it could save you money, providing you ensure you repay in full before the end of the promo period.

Anthonyg_2

thanks for that. one last thing as im pretty new to credit cards. how do you find out the min to pay back a month or do you get told with a statement?

blueberrypie

Anthonyg wrote: »

thanks for that. one last thing as im pretty new to credit cards. how do you find out the min to pay back a month or do you get told with a statement?

The information will be on your statement.

Pdog

Tixy wrote: »

You'd need to consider a super transfer card (a virgin card or post office card typically) to be able to pay money in to your current account that you can then use to pay off the loan. Or possibly a tesco or M&S card via the sterling travellers cheque route - you get a 0% purchase card, but the travellers cheques from tesco/M&S and then pay them into your current account - they treat these as purchases rather than cash advance and only charge a 1% fee.

If you could get a suitable card (subject to your finances and credit history) then it certainly sounds like it could save you money, providing you ensure you repay in full before the end of the promo period.

Sorry to Hi-Jack the thread, I also have a loan with roughly 40 months remaining, I have the final settlement fee to pay the loan off early and I believe I could save some money by paying it off early.

By the sounds of things I can only use a "Super Transfer Card" Which seems to be a virgin card or The Sterling "Travellers Cheques Route" Have you got any more information on this on this Trixy?

Plus is Virgin the only option?