Moving car loan to 0% Virgin deal

big_sved

Hi,


I noticed through MSE that Virgin are doing some great deals on 0% money transfer and 0% fee, for 24 months or a really small fee for longer duration.


From next month I will be debt free apart from a mortgage(ages left) and car loan ( ARO £11K with 8.9% interest rate).


I will have just paid off a last credit card that has £8.8K limit on it. I was hoping to be approved on the Virgin or similar deal to move the balance of the car loan(With RBS so early payment is flexible with small charge). My only worry is that I will not get the full £11K limit on the new card to make the switch. Does anyone have any experience with this? I guess it is still worthwhile as my current monthly interest on the loan is about 80 quid so any reduction on this is a boost. I could even apply for multiple 0% interest 0% fee cards.


Will I need to cancel my other credit card to get the full limit on the new card? How long will the previous card need to be cancelled for before this credit becomes available on the new card?
I guess I am wondering if they limit the balance available on these cards to get people to sign up. I really want to get £11K limit so that I can throw it all on. I reckon this will save me a couple Gs over the term.




Thanks in advance for any advice / Help.

[Deleted User]

Your limit will be influenced by your other limits, your existing debts and income. I wouldn't go cancelling cards just yet unless you really feel it necessary.

Nebulous2

You'll get whatever they decide to give you. There are too many variables for us to determine. The only way to be sure is by applying.

If it is of any help I've just gone on a cash raising spree and got more than that from Virgin in a Money Transfer. So it is possible.

They told me on the soft search they would approve me. I had already put in the amount I wanted at that point. They then made some further checks and it took three weeks to get the money. I had pretty much given up, thinking they would have spotted my other applications, but it came good in the end.