Credit card for buying a car

jamiehec

Hi all

After not being able to get a loan because I'm 18 and have no credit history, I'm looking into getting a credit card to buy a second hand car for around £1,500 and paying it off within a year, would this work out on a credit card?

sorry if this sounds a bit daft but I don't know a lot about credit credits hence the reason why i'm asking you lot

redpete

If you can't get a loan for this amount I think it's unlikely you'll get a credit card with a limit of the same amount.

sharpy2010

jamiehec wrote: »

Hi all

After not being able to get a loan because I'm 18 and have no credit history, I'm looking into getting a credit card to buy a second hand car for around £1,500 and paying it off within a year, would this work out on a credit card?

sorry if this sounds a bit daft but I don't know a lot about credit credits hence the reason why i'm asking you lot

Hi mate,

Your first card will likely give you a limit of about £200, due to lack of financial history.

I think possibly saving £1500 is the way you'll get your first car.

Good luck :-D

w211

May depend if you already hold current (and/or savings) account with your bank and for how long, and apply for their credit card.

I applied for my first credit card (Barclaycard) when I was 18, and got a £1,200 limit.

Fruit_and_Nut_Case

Check out these previous threads...

Paying for car with credit card
Is buying a car on a credit card a good idea?
Buying a car with a credit card, personal loan or finance through the garage?
Loan or credit card for car purchase?
baying a used car on my credit card
Credit card as a car loan

AHAR

Have you thought about how much will the insurance will cost?

System

sharpy2010 wrote: »

Hi mate,

Your first card will likely give you a limit of about £200, due to lack of financial history.

I think possibly saving £1500 is the way you'll get your first car.

Good luck :-D

not necessarily, I applied for two cards when I was 18 and got fairly high limits (only had a mobile contract before that)

try with your bank first

jamiehec

AHAR wrote: »

Have you thought about how much will the insurance will cost?

Yep, going to go with the Coop young drivers insurance that monitors your driving with the black box and going to pay it monthly.

w211 wrote: »

May depend if you already hold current (and/or savings) account with your bank and for how long, and apply for their credit card.

I applied for my first credit card (Barclaycard) when I was 18, and got a £1,200 limit.

I applied for the Barclaycard and got accepted Not sure what the limit is just yet, waiting for the letter to arrive.

System

jamiehec wrote: »

Yep, going to go with the Coop young drivers insurance that monitors your driving with the black box and going to pay it monthly.



I applied for the Barclaycard and got accepted Not sure what the limit is just yet, waiting for the letter to arrive.

congratulations :j

did you get the 0% one? if so, the limit could be high enough to put the car and insurance on (annually) and you will save on the interest for paying it monthly

jamiehec

LooieENG wrote: »

congratulations :j

did you get the 0% one? if so, the limit could be high enough to put the car and insurance on (annually) and you will save on the interest for paying it monthly

yep got the 0% one I've worked it out that if my limit is high enough then buying the car and insurance on it will work out cheaper then to just pay the monthly insurance off in a year.. so its going to work out better on a credit card