Car PPI loan - Final Settlement with a CC

moneysaymoneydo

Ok please someone help if you can, thanks in advance!

I have a car 3 years on car ppi (ie balloon payments) so after three years IE. Dec i can purchase car with a final payment of £6950. I want to do this but dont have the cash so question is can i use two credit cards to pay this off? ie with balance transfer method (ie, is a loan classed as a balanace transfer) and if answer to that question is no then could i do it using the purchase method on credit card, i am confused how to do it really dont want to do the cash advance method but if its the only way then i may have no choice. Thanks for nice helpful replies

jonesMUFCforever

It is highly unlikely that the loan company will accept a credit card as it will cost them approx 3% to do so.

Unless you can get a low rate personal loan you need a card (such as MBNA) that will let you transfer cash to your account for you to pay them.

redpete

The dealer that sold the car could well offer to finance the final payment over 12-24 months. If you could get a CC that offered balance transfer to current accounts ("Super Balance Transfer").then this might help.

moneysaymoneydo

Many thanks redpete for reply yes they did used to re-do the end total so i could have carried on payments which was the plan but when i called Wed they informed me they stopped this process last year. I think super transfer is my best option i have a barclaycard with £5k on it does anyone know if Barclaycard do this method? i also have a tesco card with £4k limit.

PaulW922

I think you really need to ask the card issuer..?

jonesMUFCforever

moneysaymoneydo wrote: »

Many thanks redpete for reply yes they did used to re-do the end total so i could have carried on payments which was the plan but when i called Wed they informed me they stopped this process last year. I think super transfer is my best option i have a barclaycard with £5k on it does anyone know if Barclaycard do this method? i also have a tesco card with £4k limit.

IMO no they won't.

Have a look at the credit card sticky at the top of this thread or have a word with your bank about whether they will offer you a loan.
If you are offered anything under 10% apr I would take the loan as you would probably pay more in transfer fees overall if you go down the credit card route and you can't pay it off over the initial promotional time period.