Credit Limit to Low

Anthony2121

Hi there,

I have joined here as i require some help with my current situation.

me being impatient took out a loan for a car and didn't really read into it too much but ended up with 15.3% APR for 4 years - i currently have £5,918 left outstanding on the car however if i paid it off today it would be £5,069 and be clear from all the interest yet to be added.

here is where my problem is as i cant get a 0% purchase card with longer than 24months with a credit limit as high as £6,000 to pay off the car loan and then pay the money to the credit card to clear this without interest. what can i do? am i doing this right? i can only get credit limited of 2.8K - do i need a balance transfer card?


any help is appreciated!!

thanks


Anthony

molerat

You need a money transfer card, unlikely you can pay off the loan with a credit card.

[Deleted User]

No - you need neither a purchases nor a BT card.

You need a money transfer option. However, when you don't get the limit you want, accept it anyway and pay off what you can.

Anthony2121

i need a card with details to pay it off as its just there as an outstanding balance and i dont really want to only pay of £2,800 of the 5k and still be paying the £200 a month and then try and pay the £2800 off at the same time as it'll just leave me in a worse sitauation.... i want to get the £5k all in one place with interest free period i can clear it in or atleast get it to sub 1k

[Deleted User]

That may not be an option open to you. But all you can do is apply.

But if an extra £28 a month is going to break you, then I think you're going to need to look at any option you can get.

Anthony2121

where and how do i apply and what do i apply for?

[Deleted User]

Use the soft search tool on this site, and look for a money transfer card.

Anthony2121

do you have a link?

[Deleted User]

https://www.moneysavingexpert.com/eligibility/credit-cards/

jonesMUFCforever

Why not overpay on the loan at no extra cost?