Using 0% purchase credit cards for PCP balloon payment

Hopeless_Case

I'm trying to save to buy a car once our PCP ends (in OH's name but it's primarily my car), and I'm now wondering about paying the balloon payment and buying the car - but I'm not going to be able to save the amount which it would cost and I'm wondering if I could pay the balance with a 0% purchase credit card.

I'm just playing around with ideas ATM as there's a while to go and I'd have to see if I was approved for a card before committing, but it struck me that it might be a good idea if it was possible - I love the car and I know it's been well looked after and it should last a lot longer and need less spending on repairs than the ~10 year old car I was thinking I'd be able to afford

MallyGirl

you would need to check that they take cards and also that they mark it as a purchase.

It would be simpler to get a 0% Money Transfer card as then you get the cash in your bank account to use in paying it off

Hopeless_Case

MallyGirl wrote: »

you would need to check that they take cards and also that they mark it as a purchase.

It would be simpler to get a 0% Money Transfer card as then you get the cash in your bank account to use in paying it off

Thanks - I didn't realise you could do that if you weren't using it to pay off an existing credit card!

Penelopa.Pitstop

I don't think any company will accept credit card to settle PCP. So you either need to make transfer to account or take a loan.

Hopeless_Case

Thanks, needs a lot more thought then

scragend

Hopeless_Case wrote: »

Thanks - I didn't realise you could do that if you weren't using it to pay off an existing credit card!

What you're thinking of is a balance transfer. A money transfer just involves money being paid into your current account from your credit card (but sometimes with a higher fee than a balance transfer).

Hopeless_Case

scragend wrote: »

What you're thinking of is a balance transfer. A money transfer just involves money being paid into your current account from your credit card (but sometimes with a higher fee than a balance transfer).

More like a standard loan? That's interesting, a lot to look into.

I think we're paying 2.5% on the PCP at the moment, and buying this car outright at the end is an attractive prospect, in terms of having a fairly new car which we know well, know has been well treated and we really like, and but it does depend on how expensive any finance is - the original intention was to carry on saving for the next car, so a monthly payment wouldn't be an issue, but it depends on the cost