Using Credit Card to pay off Balloon Payment

MonkeyMonkey_2

Three years ago I bought a car on PPI (I know it works for some, but I think we made a mistake - hindsight!).

We're now at that stage of deciding what to do next - handing it back, trading it in or keeping it.

We've decided to pay the balloon payment (£6,400) and keep the car. We don't have the full lump sum needed (sigh) so I looked at refinancing the remainder through Black Horse (too expensive - 14%), getting a loan to cover it (7.5%), or the possibility of using a credit card - with 0% for 22 months.

If we opt for the credit card option, and pay a little more a month than we are currently paying on the car finance, we can have it cleared in 27 months - the quickest AND cheapest option.

My question is - does this make sense? Or am I about to make another mistake?

CLAPTON

are you allowed to pay by CC ?

[Deleted User]

You will probably have to do a balance transfer rather than a purchase transaction.