Car purchase via credit card ?

sydney2002

Looking to buy a new car, was wondering if any wise folks on here have purchased a new car via a credit card ? Are there any CC out there that it is worth purchasing a car via, instead of obtaining a personal load ?

Or should I scrap this thought, and simply apply for a £10,000 loan with Tesco at 5.2% ( seems best rate out there at moment ) ?

Monthly payments are not an issue, and will fluctuate through the period of payback. Never like to have debt for long, so over pay quite heavily each month, and wondered if a loan would hinder me in doing this i.e the loan may force me to payback the £10k over a fixed time, where the Credit card will allow me to pay any amount back each month, aslong as the minimum is met.

Any experts input is greatly appreciated.

[Deleted User]

You'll pay a fee with a credit card in all likelhood (2-3%). And I doubt you'll get the limit you need. A decent 0% offer would save you some interest, but that would eventually expire.

A loan is probably your best bet.

chunkychocky

When I bought a brand new car way back in 2001 the maximum the garage would let me pay by credit card was £1,000. The rest I had to pay my debit card or bankers draft.

lawstudent

You could try and get a credit card with a 0% purchases deal however the dealer will probably charge you a percentage to pay on a credit card. If you can it really is better to save up and pay in cash. The car will depreciate so if you get the loan you will be paying interest every month for something which is going down in value!