Credit money transfer / car purchase

sillygoose

Hi,

Wasn't too sure if this was a credit or loan forum post but the main query is a credit card one.

Planning to replace a car, new(er) one about £15,000. Trade in of old one should be about £6000, I can put in £5000 cash leaving £4000 to find.

Normally I would wait and save as I avoid credit at all cost but I am after a nearly new ex-demo model following the launch of anew model before they all go so need to buy soon. I just need to get a few minor things fixed on the old car first to get the best price for it.

Looks like I could do it with a Virgin money transfer card as a £4000 24m 0% transfer to my bank (fee acceptable), I would probably pay it off in 6 months anyway.

Questions please..
Typically how long after applying is it up and running?

How long does it take to request /get a cash transfer into the bank?

If its weeks then,

Just wondering if I should just do this bit now and get the £4000 in the bank, if for some reason we decide not to go ahead with changing car then can I just pay back the £4000 and end the Virgin card?

Thanks

[Deleted User]

Account should be set up within a week if you're accepted and the money transfer should then be relatively instantaneous.

bengalknights

It might cost you less to pay with the credit card itself then to transfer to bank account

sillygoose

bengalknights wrote: »

It might cost you less to pay with the credit card itself then to transfer to bank account

I was under the impression car dealerships didn't take payments on credit cards due to the fees but as its a relatively small part of the purchase I will enquire first. Thanks.

bigadaj

sillygoose wrote: »

I was under the impression car dealerships didn't take payments on credit cards due to the fees but as its a relatively small part of the purchase I will enquire first. Thanks.

Some do, some don't, those that do would normally charge a fee for a significant amount.

I bought my current car from a main dealer, approved used at a year old and they were quite happy to take a £500 deposit on a credit card with no fee, which worked well for me as I then get section 75 cover.

Paid the balance on collection with a debit card from my current account.

Sealtainn

Most car dealerships do accept payment via credit card, just ask what the credit card surcharge is - some charge 3%. I was looking at a used car at Arnold Clark recently and asked what their charge was and the salesperson said it was 1%

bigadaj

Sealtainn wrote: »

Most car dealerships do accept payment via credit card, just ask what the credit card surcharge is - some charge 3%. I was looking at a used car at Arnold Clark recently and asked what their charge was and the salesperson said it was 1%

That's interesting, one example of an area where Arnold Clarks approach seems to be better than many car dealerships, an interesting anomaly.