NEW: Got questions about energy? Put them to Gary and Andrew from MSE's Utilities team during our energy-themed 'Ask An Expert' event. Check back here from Tuesday 9 August, 12pm

Car loan ad Debt?

Can I do a 0% balance transfer on a car loan. I used to stooze back in the Egg mule card days. But I have lost all my knowledge and would appreciate some help.

Replies

  • SuperscroogeSuperscrooge Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    If I have understood your post correctly. You want to pay off your car loan with a credit card?

    You will need a 'money transfer' card to pay the funds into your bank account, which you then use to pay off the loan
  • caveman38caveman38 Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Forumite
    OK, so what you are saying is I need what they used to call a SBT car (super balance transfer) is that correct. Also the Egg Money card was the one we all used which was withdrawn.
    What could I use as my transfer card, please. Cheers.
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    Do you have an MBNA card at the moment? One without a balance on it?
  • caveman38caveman38 Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Forumite
    Do you have an MBNA card at the moment? One without a balance on it?


    I don't have any cards now. It is a long time since my stoozing days and they were the only time I held real CC's only Debit cards now and lots of them.
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    Your only real option is MBNA or Virgin then, but that will mean a fee...possibly 2%, but if you want a very long deal then probably approaching 4%.

    I was going to suggest getting a fee-free 0% BT card and creating a positive balance at MBNA, which they're very happy to return to your current account...as close as you'll get these days to good old Egg Money!
  • caveman38caveman38 Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Forumite
    I did the MSE CC prospect checker and Virgin was a no and I also did a prelim on their site too.
    It would seem that Tesco is my best option but I have yet to check. It's a long time since my stoozing days and would welcome some input. I am now a pensioner with SP and Co. pension yielding £20K. I am mortgage free and have plenty of savings but I don't think they count on application.
    Ideally I would have liked £15K - what's my chances?
  • MallyGirlMallyGirl Forumite, Senior Ambassador
    5.9K Posts
    Ninth Anniversary 1,000 Posts Name Dropper Intrepid Forum Explorer
    Senior Ambassador
    on £20k per year no one is going to give you a £15k credit limit - sorry. At most the rule of thumb is 50% of gross salary but they will take into account the car loan as only you know you want to use one to pay off the other
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected].
    All views are my own and not the official line of MoneySavingExpert.
  • caveman38caveman38 Forumite
    1.2K Posts
    Part of the Furniture 1,000 Posts Photogenic
    Forumite
    MallyGirl wrote: »
    on £20k per year no one is going to give you a £15k credit limit - sorry. At most the rule of thumb is 50% of gross salary but they will take into account the car loan as only you know you want to use one to pay off the other


    Do you mean that my chances are even more reduced because of the car loan. I can easily pay it off if that helps.
    As I said in an earlier post. I have wife's income and savings totalling another £30K per year. I can't remember whether those figures are taken into consideration when applying.
    My main object is to start to take advantage of the growing number of long BT and Money cards that are available with low arrangement fees.
  • is finance better or bank loan?
This discussion has been closed.
Latest MSE News and Guides

Homes, hornets & high heels

This week's MSE Forum highlights

MSE Forum

Kids eat for 'free' or £1 this summer

Little ones can enjoy hot meals for less

MSE Deals