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Paying off car loan with 0% credit card
jcredi
Posts: 2 Newbie
in Credit cards
Hello
I am currently paying around 11% on a second hand vehicle purchase via a company called Motonovo . i have around £5k left to pay on the vehicle and wondered whether it would be a good idea to search for a 0% credit card to pay off the remainder and cut out the remaining interest?
if so, what would you advise the best course of action would be and is there anything that i should be aware of bar the obvious sting of not paying the card on time? I assume that paying the remaining finance off would be counted as a 'purchase' rather than a balance transfer?
Many thanks
Jon
I am currently paying around 11% on a second hand vehicle purchase via a company called Motonovo . i have around £5k left to pay on the vehicle and wondered whether it would be a good idea to search for a 0% credit card to pay off the remainder and cut out the remaining interest?
if so, what would you advise the best course of action would be and is there anything that i should be aware of bar the obvious sting of not paying the card on time? I assume that paying the remaining finance off would be counted as a 'purchase' rather than a balance transfer?
Many thanks
Jon
0
Comments
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You'd need a money transfer option, not purchases or BT.
Factor the fee into your calculations.0 -
Why would a Purchase card not work...?0
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It's very unlikely that paying off credit will be treated as a purchase. It's normally either cash, or not accepted at all.
Next are an exception.0 -
Ahh never knew that,always assumed (never needed too) you could use a CC for just about anything a debit card would work.0
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