Buying a car, need cash but only have cc

Katieeeek

Hi folks,
I'm new here so sorry if this has already been a thread or if I've popped this in the wrong place!!

I am looking to buy my first car, and intended on doing do with my credit card - I have 0% until next April which would give me ample te to repay it interest free with monthly repayments. Because of this, I've been looking for cars from Trade rather than private, however I have found a great little car, perfect price but of course, it's a private seller!!

Just wondering (as I'm pretty new to this sort of purchase) is there a way I can get the cash (loan or something similar) then pay it back with my cc or possibly pay a private seller with a cc such as PayPal?

At the moment I'm just trying to think outside the box, if it comes to it then I'll be giving this car a miss but just wondered if there was something I could do?


Cheers

thegrind

How much is the car purchase going to be?

Why have you not looked into getting a personal loan?

are you sure you can pay it off before the end of the 0% deal?

grumbler

thegrind wrote: »

How much is the car purchase going to be?

Does it really matter?

Why have you not looked into getting a personal loan?

Because any loan is not 0%?
A CC (possibly a new one) is usually a cheaper way to borrow.

are you sure you can pay it off before the end of the 0% deal?

Katieeeek wrote: »

...I have 0% until next April which would give me ample te to repay it interest free with monthly repayments.

Katieeeek

Hi, thanks to both of you for taking the time to reply ��

Yes I can pay it back, I've only used my cc for a small amount before, and now that is pretty much paid off I will set up new DD to pay back the cost of the car (£1000)

Gerry87

Hi, hope you manage to sort it out. I've never thought of using paypal. If the seller accepts this method of payment, I don't see it being an issue. What's to lose by asking the seller?

Good luck with your new car

OhReally_2

Katieeeek wrote: »

...I am looking to buy my first car, and intended on doing do with my credit card ...

Bad idea.

If you haven't got the readies, you can't afford one yet. Save up.

Remember once you get a car, you'll have even more outgoings what with road tax, fuel, insurance, repairs, maintenance, etc...

Katieeeek

Hi ohreally, I understand where you're coming from but getting a car is a necessary evil I'm afraid. It's required for work so without it we won't have the money to save!!

I'm pretty frugal and already have insurance quoted, and extra bills have been budgeted for, it's just the initial cost of the car itself that I need help with as it's a lot to payout right but split over 10months I can manage.

Seanymph

I always thought if you drew down cash on your credit card then the 0% didn't count and you had to pay the interest.

If you pay the other person by c/c then they usually have to pay charges - even with paypal I think.

Sorry not to be more helpful! Can you borrow it off of a person?

shortcrust

OhReally wrote: »

Bad idea.

If you haven't got the readies, you can't afford one yet. Save up.

Remember once you get a car, you'll have even more outgoings what with road tax, fuel, insurance, repairs, maintenance, etc...

Nothing wrong with getting something on credit if you can afford the repayments. The OP is the person best placed to know whether it's a bad idea for them.

OP - Paypal will charge you 3.4% (I think - best to check!) so that's only £34 on £1000. That's probably the cheapest option available to you. Drawing cash straight from the card will mean paying a fee and interest. That said, call your card and ask if they can help. My Barclaycard is currently offering me 0% cash straight to my bank account with a 1.9% fee.

Good luck!:)

OhReally_2

shortcrust wrote: »

Nothing wrong with getting something on credit if you can afford the repayments. ...

There speaks the yoof of today. :cool:

Ask your grandmother what she would say about buying anything on the never never.

Then get her to explain why it is known as the never never.

And a car is just a money pit, not because it loses money faster than a falling stone falls, but because of the expense of keeping it running too.

grumbler

OhReally wrote: »

There speaks the yoof of today. :cool:

Ask your grandmother what she would say about buying anything on the never never.

Then get her to explain why it is known as the never never.

And a car is just a money pit, not because it loses money faster than a falling stone falls, but because of the expense of keeping it running too.

So, do you suggest moving every time you find a good job 15 miles away with no realistic public transport option?
I agree that paying cash is better if you have it, but !!!!!! it's just £1K car in this case.