Buying A Car via Credit Card (£19k)

Enlightingme

Hi All
I am looking to buy a new car, I could get VW finance but would like to try a CC to get as low a %APR as possible. My credit rating is good as I have just paid of a home loan. My question is there a CC that will give me the ability to put £19k on it to buy the car, the car costs £24k, I have £5k to put down, so need to borrow £19k. I have some funds but it is tied up till next year.
Thanks in advance

jonesMUFCforever

How long is a piece of string - from what you have posted it is impossible to answer your question.
How much do you earn? What other credit cards have you got with o/s balances - any other debts?


I think getting £19k limit on a card will be very very difficult.
Even if you manage to get one think of the 2-3% charge.


If your credit rating is really A1 I would be going down the route of a cheap personal loan especially if you can get one without any early settlement fees (Lloyds flexible loan?) and pay it off next year.

Deru

I think they only give such high limits to millionaires and large businesses....

0% on purchases? You'd still be paying a surcharge of 2-3%. You could get a loan for 5-8% for that amount?

chattychappy

It would be unusual to get 19K on a new card.

The best way would be to split the transaction over more than one card. Do you have any cards at the moment? If so, ring them up and see if they'll either do a 0% purchase deal or a 0% "money transfer" deal (and what the fee is).

You could apply for a couple of new cards. In the height of the financial crisis, I applied for Natwest Platinum and Barclaycard on the same day (one immediately after the other). I was accepted for both, both had limits of about 10K, and both had BT offers (and, I think a more limited purchases offer). If you apply for two cards at the same time, the second CC will probably see the search from the first one, but it will likely be too early for the account to have been set up. So they won't see the extra credit available.

Buzby

The flipside, is also relevant.

Will your dealer accept you paying for the bulk of the vehicle by CC? And on the off-chance that they are prepared to do so (and for an amount as large as you suggest) will they do this for no fee?

Both are a very big 'ask' and would point to a dealer desperate to shift inventory.

TadleyBaggie

sistafromanothermista wrote: »

2 Newbies with the same avatar????......I smell a troll....
Unless, of course, there are basic avatars to use?.......<scuttles off to try and find out>

Seems to be a new feature when you sign up, pick an avatar from a list. It's getting very confusing seeing the same avatar being used by multiple newbies.

yyiryyib

Amex Plat Cash Card? Thats unlimited, so maybe then you can transfer the balance out to a 0% card?

cajef

Buzby wrote: »

Will your dealer accept you paying for the bulk of the vehicle by CC? And on the off-chance that they are prepared to do so (and for an amount as large as you suggest) will they do this for no fee?

I bought a brand new car for cash last year, the dealer accepted a CC for the deposit but would only accept debit card, bank transfer or cheque for the balance and if cheque would not release the car till it had cleared.

Ebe_Scrooge

As others have said, I'd be extremely surprised if the dealer would accept the whole amount on CC without hitting you for a 2 - 3 % fee - which would pretty much wipe out any saving you may make. A personal loan is usually the best option if you have a decent credit rating, you should be able to get a pretty good rate.

It's worth doing the sums and haggling though - a dealer will usually make commission if he sells you finance. Therefore, he'll usually be prepared to knock a fair chunk off the price of the car. Obviously you need to do your sums carefully, and make sure you compare the cost of the whole deal, i.e. the cost of the car plus the complete cost of the finance ( from whichever source you choose ). There's a chance that the dealer's finance may just work out cheaper overall. Unlikely, but worth checking.

Mr_F_Dorsetty

Enlightingme wrote: »

Hi All
I am looking to buy a new car, I could get VW finance but would like to try a CC to get as low a %APR as possible. My credit rating is good as I have just paid of a home loan. My question is there a CC that will give me the ability to put £19k on it to buy the car, the car costs £24k, I have £5k to put down, so need to borrow £19k. I have some funds but it is tied up till next year.
Thanks in advance

Do take into account that the Dealership will most likely CHARGE YOU 2.5% for using a credit card.

HP earns them money, cash is either way to them, but CC, they cost someone and it won't be the dealers I assure you

sistafromanothermista

TadleyBaggie wrote: »

Seems to be a new feature when you sign up, pick an avatar from a list. It's getting very confusing seeing the same avatar being used by multiple newbies.

Silly feature! Had me confused