Credit card payment for a 2nd hand car

1DayAAT

There is only one way I know for you to possibly do this. Phone up your credit card folk and explain that your card is in a positive balance and that you wish to transfer it to a bank account (they will only usually let you transfer the whole amount that you are in 'credit' by). They will then want details on which bank account to send it to - and at this point it MAY be possible to provide the bank details of your car seller. I'm not sure if they will stipulate that the bank account has to belong to you. But I have had to do this a couple of times when on credit with a credit card, albeit only having the funds send to my own bank account. It might be worth a try but I don't think this course of action is the best way for you to go about buying this car. Perhaps find another car from a dealer which accepts credit card. Or ask your seller if they will take Paypal, thus using your credit card to make the payment.

Paully232000

Help13 wrote: »

My savings are not making anything at the moment.

I don't want a loan.
I want to pay the money on to my CC ahead of buying the car.
Then, if possible, transfer the money to the Vendor's bank account using my CC.
I guess, is what I am really asking is...Is it possible to make a payment to an individual's bank account using my credit card?

Sorry if I am confusing everybody...
And thanks too for taking the time to share your knowledge.

I think this is a non-starter as I don't think there is a way to use your CC to pay for this purchase. The only way you could use a CC would be to get a card that allows money transfers to your own bank account and then pay seller in cash. However, given you wanted extra protection which you wont get with a private sale, and bonus points which you wont get with a money transfer then you may have to be resigned to the fact that this is going to have to be a cash purchase, not involving a CC.

YorkshireBoy

1DayAAT wrote: »

There is only one way I know for you to possibly do this. Phone up your credit card folk and explain that your card is in a positive balance and that you wish to transfer it to a bank account

That would mean OP has to first pay circa £13K onto the card! Remember, they've said there's £9K available credit and intend making a £4.5K transfer. What would be the point?

YorkshireBoy

Paully232000 wrote: »

The only way you could use a CC would be to get a card that allows money transfers to your own bank account and then pay seller in cash.

OP's Tesco card offers money transfers to a current account (check the T&Cs...it may have to be your own account), but again, what's the point? There's nothing to gain.

Ebe_Scrooge

Help13 wrote: »

I want to pay the money on to my CC ahead of buying the car.
Then, if possible, transfer the money to the Vendor's bank account using my CC.
I guess, is what I am really asking is...Is it possible to make a payment to an individual's bank account using my credit card?

In a word - No

On so many levels. Carrying a positive balance on CCs is not allowed by the vast majority of lenders. Paying a private vendor by CC would not realistically give you S75 protection as mentioned by previous posters - even if you could somehow pay them by CC.

Buying privately can be very good - I've done it many times myself over the years. But it's strictly "sold as seen". That's why you pay less than the equivalent from a dealer - no comeback. Basically it's a toss-up between the lower price of a private sale, and you take your chance; or you pay a premium for a dealer, and you can go back to him if something's wrong. You pays your money and you takes your chance.

Your best option for a good deal - buy privately, but if you don't know much about cars, then take a friend who knows what he's doing - or even better, pay a trusted mechanic to go over the car for you.

But ultimately, private sales are Caveat Emptor.

Help13

I think the car is legit. My hubby is an automotive electronics engineer and has a fair idea what is what under the bonnet. The vendor has also been to his local garage to get a health check for the car and so we know what they found (worst thing is that the tires need changing). So, not fazed about the private sale. Also, dealers have been mucking us about for the past while, offering impossible "price matching" deals, not returning our calls, refusing to budge an inch on prices, etc. I am sick of them and their arrogant ways. The car is going to be a present for my Mum in Ireland. She needs an automatic and they are very scarce over there. So, even if we did buy it from a dealer, we wouldn't be able to take it back should anything go wrong with it.

I use the Tesco cc for everything and pay it off in full at the end of the month. The clubcard points pay for our family Merlin pass, a couple of ferry trips to Ireland, and a few other "luxuries" through the year. I thought that another 4-5k channeled through that route would be a nice boost.
I have overpaid my cc in the past (long story) without any negative repercussions, so thought there might be a way to get some handy clubcard points that way....

If I am not busy tomorrow, I might give those nice people at Tesco a buzz. As they are so fond of reminding us "Every little helps".

I guess the best option otherwise will be a bank draft?

Thanks again for all your wise words.

M

SallyDina

I wouldn't do it personally.