Car loan

ross-wfc

Hi, looking to get a loan of about £10,000 for a newish car. I was thinking of getting a 0% credit card, does anyone know if i would be able to get a £10k limit. I have done a soft search and would be accepted as i have a very good credit score. Cheers.

[Deleted User]

Your score is made up, so not of any relevance when it comes to getting credit.

What do you earn?

What do your credit files show? Outstanding debt, available limits, history of making payments on time and so on?

A £10k limit is fairly high unless your circumstances are right.

[Deleted User]

Firstly your credit "score" means nothing, no one sees it except you.
As far as limits go 10k is high for starters although it might increase at your request over time.
If you have a good credit "history" then why not a loan some good deals around.

DCFC79

Use your savings.

The money you would use to pay the monethly amount for the card where is it, must be stashed away somewhere.

Pixie5740

Yes people do get offered credit cards with five figure limits but whether you will be offered one is impossible for anyone here to say.

If you are going to use credit to purchase a car you need to look at the total costs and not just the interest rates. For example, using a 0% money transfer card could mean paying a 3% money transfer fee and if you can!!!8217;t clear the balance during the introductory period paying a balance transfer fee further down the line. Also, using a credit card means little room for negotiating a discount off the price of the car. Finance deals from the dealerships however usually allow you to negotiate a larger discount but the interest rate will be higher. A personal loan is another option, not likely to get a discount but probably cheaper than dealer finance. Swings and roundabouts.

Raxiel

I just got a Barclaycard with 25 months interest free on transfers and purchases with no transfer fee. They set a limit of £9500 although there was no indication what I'd get until it was approved.