Using a 0% credit card to pay off a car loan

pablopicard

Hi,
I have an outstanding car loan that I'd like to transfer to a credit card, to save on the interest. I've had a look at other posts; but couldn't find a clear answer to the question of what type of card to apply for?

Would it need to be a balance transfer? Could I get a 0% purchase card and just ring up the company to pay it off with that? Would it need to be a money transfer to move the money into my bank account and pay it off from there?

Thanks

YorkshireBoy

pablopicard wrote: »

Would it need to be a balance transfer?

That would require a 16-digit card number, with a qualifying BIN. I wouldn't imagine your car loan has one of those?

Could I get a 0% purchase card and just ring up the company to pay it off with that?

Ask the loan provider if you can pay by credit card. Unlikely, but you never know!

Would it need to be a money transfer to move the money into my bank account and pay it off from there?

That would work, yes.

PixelPound

I would do a money transfer. You could, if you had two cards, do a BT from one to the other and then ask for the positive balance to be transferred to an account, but guessing at the sums involved it could get flagged to the anti-money-laundering team.

pablopicard

Thanks for your replies. I went with the money transfer. The loan company didn't accept payment from credit cards.