0% Credit Card to fund a sensible car purchase from private seller

RockandGrohl

Hello,

I'm getting lots of mixed advice so thought I would come here.

I'm after a Fiesta Ecoboost, these go for around £4200 and I'm looking to borrow £4000 on a 0% interest card.

It seems Sainsbury's bank or Halifax or Virgin Money are my best bets. However I'm unsure what card I should go for.

As it's a private seller, I need to be able to accrue £4000 in cash, so would need to transfer £4,000 into my normal bank account and withdraw it to purchase the car.

What's my best option for doing so? I'm confused as to whether I need a spending card or a transfer card etc.


As for repayment, I want to cut it into the equal X months and then pay off more so I can clear the debt faster than normal - this has already been budgeted for and is possible.

Thank you!

[Deleted User]

You'd need a money transfer card.

worried_jim

Make sure the engine has had its degas pipes replaced, they go brittle and crack causing a loss of coolant fluid and a warped head through head gasket failure requiring a new engine.

https://forums.moneysavingexpert.com/discussion/5612757

Ben8282

As you will need the money in cash your only option will be to obtain a money transfer card. A balance transfer or purchases card will be of no use for this purpose.
Try https://uk.virginmoney.com/virgin/credit-cards/money-transfer-cards/

RockandGrohl

Awesome, thank you. I have to admit I was confused by the different types of Credit!

So money transfer it is and so far 25 months 0% with 2% fee is the benchmark to beat.

RockandGrohl

worried_jim wrote: »

Make sure the engine has had its degas pipes replaced, they go brittle and crack causing a loss of coolant fluid and a warped head through head gasket failure requiring a new engine.

https://forums.moneysavingexpert.com/discussion/5612757

Thanks for the advice. After research this issue is mainly with the Mk3 and 3.5 Focus Ecoboosts. Fiesta's do have this problem but nowhere near the same degree.

I'm coming from an MG ZR so know all about leaking coolant leading to Head Gasket failures

WillyWonga

Most cards whether it be balance or money transfer wont allow you to transfer the whole balance of the card, usually only 95% to take into account the fee charges etc. So bear this in mind if only get a £4k limit.

Fee is £80. Dont fall into the credit card trap of the min payment on your statements. Might be £40 or so depending on the card companies. Ok, granted, you wont be paying interest, anything you do pay will be straight off your balance. But 2 years will pass quickly. By paying £170 month towards your balance will clear it in 2 years and you should still have a decent trade in value.

Candyapple

Here is the eligibility calc to check to see what you are likely to get:

https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.194910629.983962818.1507628140-160981962.1507628140

BillTrac

RockandGrohl wrote: »

Thanks for the advice. After research this issue is mainly with the Mk3 and 3.5 Focus Ecoboosts. Fiesta's do have this problem but nowhere near the same degree

Had this exact problem last year. Luckily covered by Ford Warranty so DIDN'T cost me £4500!!