how to buy a car on a credit card

bltchef

hi the last 18 months i have work pt ut now i have getten a full time job:) i now need to buy a car i have some money saved up for the car insurance i have appleyed for the tesco credit card and it say my limmet is £600 how to get them to increase my credit ? and anty tips buy a car on a card i have seen a car £2500 many than:beer:ks for help

liamfahy

Credit card companies will always set the limit on new cards at a low level until you have a track record and then may increase at a later date. This said I think you could get a personal loan with your bank at a lower rate of interest, if they are willing to lend.

greenlightluke

Credit Cards won't usually increase your limit until 3-6 months (depending on issuer) they will want to see that you can manage the credit you've got.

And I've never known a CC issuer to increase a credit limit from £600 to £2,500+ they will usually double it.

But if you intend to buy a car in the area of £2,500 then have you considered a loan? Tesco Bank offer a loan at 12.8% so if you can afford to pay off a loan over a 1-1.5 years period, you may be better of with that.

YorkshireBoy

liamfahy wrote: »

Credit card companies will always set the limit on new cards at a low level until you have a track record...

Tesco gave me a new card with an £8K limit back in January.

Are these "low level" limits a new thing?

I think you could get a personal loan with your bank at a lower rate of interest

I'd be surprised if they could beat 16.9% APR on such a small loan? And I'd be astonished if they could beat 0% interest (which is what you'd get during the Tesco intro period, on both purchases and Sterling travellers cheques)!