Can you transfer a car loan to a 0% credit card?

Buriz70

I'm looking to transfer a car loan to a 0% credit card, is this possible? Is this classed as a balance transfer?

Anthorn

Buriz70 wrote: »

I'm looking to transfer a car loan to a 0% credit card, is this possible? Is this classed as a balance transfer?

No but you might be able to get a 0% money transfer to your bank account and pay off the loan with your bank debit card.

bazzyb

Some lenders will allow you to pay off the balance with a credit card, bust most will not. Who is the car finance with?

Buriz70

How does that work?

Buriz70

Barclays bank

Alexd52

Buriz70 wrote: »

How does that work?

If you are able to get a 0% money transfer card, this will allow you to transfer money into your bank account, this money can then be used to pay off the bank loan.

Buriz70

Seems to good to be true...whats the catches?

Weybridge78

There are no catches. If you manage to get a 0% money transfer card (eg. Barclaycard, MBNA, Virgin Money or Tesco Bank), you will need to of course make payments (at least the minimum) each month to clear the balance by the end of the promotional period. If you still have an outstanding balance after the promotional period ends, then this will move on to the standard interest rate.

bazzyb

Buriz70 wrote: »

Barclays bank

Barclays Partner Finance allow you to settle the account with a credit card, providing it is not Barclaycard or American Express. So any 0% card will do, you don't need to specifically get a money transfer card.

Ben8282

bazzyb wrote: »

Barclays Partner Finance allow you to settle the account with a credit card, providing it is not Barclaycard or American Express. So any 0% card will do, you don't need to specifically get a money transfer card.

NO. ANY 0% CREDIT CARD WILL NOT DO.
Barclays Partner Finance may well allow the account to be settled by credit card. But this wouldn't be a balance transfer would it? The credit card issuer would have to agree to make a balance transfer to the loan account which I can't imagine that they would be prepared to do.
A 0% purchase card MAY do IF this payment to Barclays Partner Finance is considered a purchase, which it may well be. But if by any chance it was to be treated as a cash transaction then the cardholder would find themselves paying credit card interest at the cash rate.
Anyway, the OP has not indicated that their car loan is with Barclays Partner Finance.
The only real solution here is a money transfer card with the money transferred to the OP's current account which can then be used to repay the car finance.

bazzyb

Ben8282 wrote: »

Barclays Partner Finance may well allow the account to be settled by credit card. But this wouldn't be a balance transfer would it?

No, it would be a purchase, so any 0% card would do. My earlier post clarified to check if this was possible with the existing loan provider / many do not accept credit card payments but BPF are one of the few exceptions.

Ben8282 wrote: »

Anyway, the OP has not indicated that their car loan is with Barclays Partner Finance.

Please read the thread.

Ben8282 wrote: »

NO. ANY 0% CREDIT CARD WILL NOT DO.

Caps lock is third up on the left.