0% card - amount not length

oligopoly

Hi, I'm looking to purchase a new (to me) car and set repayments over 18 months. The car will cost £10k and I will take on about £5k debt to fund it (the rest is savings and money from part-exing my current car).

I've seen there are a few 0% card offers on here, most offering longer terms than I need. But I'd hate to pick one and apply and find out the amount they're offering is less than I need. For simplicity I'd probably stick the whole purchase on card, then pay off some with savings and then sell my current car privately in my own time to reduce me to £5k debt.

Sooo is there any way of knowing which card is most likely to lend the highest amount (10k)? Or just pick one and cross fingers?

Thanks all.

Doctor_Duke

Try MBNA offer good limits and a pre eligibility check although you won't know your limit until you do a full application.

20aday

Does the dealer charge a percentage for using a credit card at all?

Have you tried your own bank for a credit card? And do you have any form of outstanding debts elsewhere?

oligopoly

20aday wrote: »

Does the dealer charge a percentage for using a credit card at all?

Good question - I don't recall this from before but worth me checking.

20aday wrote: »

Have you tried your own bank for a credit card? And do you have any form of outstanding debts elsewhere?

No I haven't. This might sound irrational but i like the idea of keeping a debt purchase like this separate from my normal day to day banking. No other debt apart from mortgage.

20aday

oligopoly wrote: »

Good question - I don't recall this from before but worth me checking.


No I haven't. This might sound irrational but i like the idea of keeping a debt purchase like this separate from my normal day to day banking. No other debt apart from mortgage.

Not irrational given some banks use 'Right to Offset' when a borrower falls behind on their repayments.

Given your only other debt is a mortgage you *may* find you stand a better chance of a £10k limit.

Of course other factors come into consideration i.e. salary, previous credit conduct etc.

oligopoly

20aday wrote: »

Given your only other debt is a mortgage you *may* find you stand a better chance of a £10k limit.

Ok cool. But which bank?!

YorkshireBoy

oligopoly wrote: »

Ok cool. But which bank?!

They mean you may have a better chance of a £10K limit with your 'day to day' bank, since they know your finances better than anyone...but whom you don't want to go with (for some irrational reason).

Car dealers will typically take a deposit by credit card (maybe £1-2K), but will usually want to charge 2-3% for paying the balance...if indeed they allow it at all - many don't.

So in light of the above, you may wish to look at a cheap money transfer card from MBNA/Virgin. Haven't looked recently but they used to have some <2% fee offers for around 2 years 0%.

Windofchange

Virgin gave me 9k yesterday.

Last time I brought a car they wouldn't accept payment by credit card. I wanted to use a credit card as the loan I had arranged with the bank was approved but they were dragging their heels transferring the cash to my account. Not allowed.

oligopoly

Ok fair enough. So I might need to cash transfer. If I can get 2% then that's only an extra £100 on £5k and £160 on £8k (debt plus covering current car's part ex value). I imagine the difference in what I'd get between selling my current car privately and in part ex would easily cover a % cash transfer (and a few tanks worth of fuel too).

oligopoly

Yeah Virgin's money transfer option looks good. No interest for 24 months I think it was and 1.99% to transfer the money to my bank account. The difference between part-exing the car and transferring £5k to my bank account and transferring £8k, buying the new one and then selling the current one for presumably more money is only £60. So I think that's the way to go.