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Interest free Barclays card.. Idea
jase25555
Posts: 13 Forumite
I have 0% on purchases Barclays card with £200 left to pay. Limit of £1400 which I was going to use £1000 as a deposit for my car finance. Do you think this is a good idea?
Got the car chosen reduced by £600 from the original £7400 down to £6800 so my idea is knock £1000 off with a big deposit, get the rest on finance. BUT I'd be taking £5800 on finance paying over 5 years possible due to the fact I earn £12,500 per year, I can afford quite a bit because my out goings are not very much anymore. Thing is trying to get accepted for car finance with only "Fair credit scrore" I have re payed what I have had out on credit before.
Board - £180
BT - £34
Dentist - £13.50
O2 - £34
£261.31 - Out goings from a roughly £1000 per month. The credit card I was using for bolstering my rating up further. How likely without a guarantor do you think i'd be accepted for car finance? Living at home currently. Same address for the whole of my life.
Got the car chosen reduced by £600 from the original £7400 down to £6800 so my idea is knock £1000 off with a big deposit, get the rest on finance. BUT I'd be taking £5800 on finance paying over 5 years possible due to the fact I earn £12,500 per year, I can afford quite a bit because my out goings are not very much anymore. Thing is trying to get accepted for car finance with only "Fair credit scrore" I have re payed what I have had out on credit before.
Board - £180
BT - £34
Dentist - £13.50
O2 - £34
£261.31 - Out goings from a roughly £1000 per month. The credit card I was using for bolstering my rating up further. How likely without a guarantor do you think i'd be accepted for car finance? Living at home currently. Same address for the whole of my life.
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Comments
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I would just apply as you have no alternative really. Worst case scenario is you lose one "life" on your credit search history but if you get knocked back for car finance you would likely be knocked back for a loan too. Get your Experian and Equifax credit reports first (the £2 statutory reports) and check that they are up to date for addresses etc and error free.
As for the deposit, pay at least some on a credit card for the Section 75 protection. Don't pay £1,000 if you can't pay it off completely before the 0% interest free period ends or you will end up paying more interest than on the finance.0 -
Guess I'm going to try, I have a credit rating of (756) which = fair. I might just go for around £500-600 deposit then
Cheers 0 -
Not sure if all dealers are the same, but I have been told before that its not possible to pay a deposit on a credit card if the the remainder is being done through finance. Debit card is fine though.0
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I have some cash but rather keep that for my insurance. Super is it any different if the remainder is being payed by a loan? then deposit on credit card.0
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SuperAllyB wrote: »Not sure if all dealers are the same, but I have been told before that its not possible to pay a deposit on a credit card if the the remainder is being done through finance. Debit card is fine though.
I've done this recently with BMW. They let you pay up to £1,000 on a CC as a deposit and take finance0
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