Can you balance transfer a car loan to card?

ClareCoates

Hi,


I've just bought a car and have a 15 day grace period before I am 100% committed to the car loan (1t's 14.9% so over 5 years its £1800 interest).


I'm wondering if we got a 0% credit card I could pay it off much sooner and at minimal charges.


Is it possible to sign up to a 0% balance transfer card and transfer the loan to it, would they count this as a transfer (I can only see reference to card balance transfer)?


Many thanks in advance!
Clare

AliceBanned

I doubt it - you will probably need to look at the details of the loan agreement - there is likely to be a penalty for paying it off sooner, as the agreement is to repay over five years so that they can profit from the interest.

I may be wrong but I believe most credit card balance transfer offers are to transfer a balance from another credit card.

If you want to pay for the car at lower interest can you get a low interest credit card to pay for it instead? Or a lower interest loan from you bank?

ricky_v

No you can't, BT's are usually from one credit card to another. Apply for an MBNA card and do a money transfer for a 4% fee, however it's 0% for 30 months.

http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#moneytransfer

If you haven't cleared it by 30 months then you can BT onto other 0% cards.

Whether you'll get accepted or get a limit high enough to cover the loan is another thing.