Credit options for a car

rjmachin

Hi,

In the next few months, I may need to purchase a car if I lose my car from Motability after the Personal Independence Payment assessment has been completed.

I am just thinking ahead and considering the options, but I don't want to affect my credit by having failed applications.

I am thinking of a nearly new car, in the price range of £8k - £9k.

I will be getting a £2k financial support package for returning the car quickly in a good condition, meaning I need around £6k - £7k.

I have been looking at the virgin money transfer cards, so that i can pay for the car in cash instead of paying a card charge

Also, I currently have a barclaycard with £0 account balance and £9300 available credit. There is usually an cash transfer offer on the account of 0% interest for approx 15 months with a 2.9% fee.

Also, at Ford, where I am thinking of going, they usually have 5 years free credit on 50% value of the car.

So, I was thinking of getting the 5 years credit with ford, and then using one of the other options for the rest. But I wonder now if I will be able to do two of them. My concern is that if I apply with Ford successfully and then get rejected with the other ones.

Or maybe I should get the money from Barclaycard, pay as much off in 15 months and then do a balance transfer?

Some info about me:
I am single
Earn £29k
Mortgage balance £89k
No other debt
No missed payments, no CCJ's etc.

Does anyone have advice on the best approach?

bengalknights

Have you considered just buying a 3-5k car?