Credit card to pay off car balance

busyhousewife

Hello, I have had a quick skim of the 0% etc card pages, and will have another look in more detail, but I just wondered if anyone had any experience of this, or any advice : at the end of August I will have to settle the 3 year finance deal on my car of £4,600. However, in September I will be part-exing it for a new car from a different dealership.
My dilemma is how to find that £4,600 in the short term (I will get it back when I complete the new car transaction).
Is it sensible to get myself a 0% card and put the amount on that? It would be for approx max 4 weeks.
I have a good credit history, and two existing credit cards that are used regularly and cleared each month, but do not have that amount of credit on them, even combined. If I did get a new 0% one, would I even get that much (£4,600) credit on one to start with?
Any thoughts gratefully received. Thanks

grumbler

busyhousewife wrote: »

Is it sensible to get myself a 0% card and put the amount on that? It would be for approx max 4 weeks.

With correct timing for 4 weeks you don't even need 0% as all CCs offer up to ~8 weeks 0% on purchases if the balance is paid in full.

The main question is whether the lender takes credit card payments.

I have a good credit history, and two existing credit cards that are used regularly and cleared each month, but do not have that amount of credit on them, even combined. If I did get a new 0% one, would I even get that much (£4,600) credit on one to start with?

Who knows? The only way to find out is to try. Do you not need £4.6K in total, i.e. can the new limit not be smaller?

Any thoughts gratefully received.

If the company doesn't take CC payments, you need a card offering Money Transfers, but ~3% BT fee can make this short-term loan far too expensive (~50% in APR terms).

Are you sure you'll get £4.6K for part exchanging your car? And will you be able to get it in cash?

busyhousewife

Grumbler, thank you - you raised points I had not even thought of! I could probably spread the total across the two existing cards, as long as I check that the car finance company will accept it like that! Sometimes you think about things the wrong way round and it takes another person to see the other side!
Thanks!