Paying for a car on a credit card

Gilchriest91 · 25 October 2016 at 4:14PM

Hi,

Me and my girlfriend are going to buy her leased car from the car company which her parents have been paying during the leased period. It makes sense for us to buy this car as it a good car which is worth more than the company is selling it for and it would be cheaper than doing a finance on new/used car with a similar spec car.

I'm wondering if we would be able to pay for the car on a credit card or split it over two credit cards and then put the balance on a 0% credit card. Then pay it off monthly in the required period or move it again to another 0% credit card to finish of the final payment. The reason for this is to try and avoid the interest on the car payment from getting out a bank loan. Are there any issues with this/a stupid idea? Any advice would be great

paulsad · 25 October 2016 at 4:18PM

You'd have to be pretty sure you'd qualify for a 0% deal for the amount required.

Ben8282 · 25 October 2016 at 6:20PM

Make sure they accept credit cards first then assuming they do get yourself a 0% purchases card and go ahead.

eskbanker · 25 October 2016 at 6:32PM

....and if they do accept credit cards, find out how much the surcharge would be for paying that way, 2-3% wouldn't be unusual.

Ebe_Scrooge · 25 October 2016 at 6:38PM

Most dealers will pass their credit card fee on to you - it's usually something like 2 or 3%. If paying the fee outweighs what you would otherwise pay in interest then go for it, but be aware that you're not guaranteed to get another 0% card when this one runs out - so make sure you have the means to pay the card off at the end of the promotional period.