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Juggling 0% credit

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Hello, I am new to this forum but have been following Martin for many years and saved loads of cash as a result.

I do however have a problem:

I want to change my car but do not want to pay the interest associated with PCP or HP given that I have been bouncing around 0% credit cards for years. Mercedes will not accept a credit card payment for the residual amount (price -Part Ex) as it exceeds their company policy limit of £1000. I have just taken out the Santander 0% card but they won't do a cash transfer as part of the 0% deal. They are advising to pay the residual amount on the card to qualify for the 0%. My credit score is 100% btw.

It feels a bit like Mercedes are trying to sell me credit rather than a car. Any thoughts?

thanks in anticipation.

Comments

  • Paul_DNAP
    Paul_DNAP Posts: 751 Forumite
    500 Posts Second Anniversary Photogenic Rampant Recycler
    Yes, I agree, it does appear that most main line car dealer are now basically offering financial services secured on an asset that just happens to be a car and seem to be incredibly reluctant to actually "sell you a car" as we'd understand it.


    (I actually walked out of the Ford dealer when he dragged me away from the cars to the desk to ask me how much my monthly earnings were. He didn't take kindly to me telling him it was none of his beeswax how I intended to fund my purchase.)


    Doesn't help with your situation, other than to keep shopping around to find someone who will sell you a car you want and allow you to pay for it the way you want, but that will probably mean avoiding some main line dealerships with inflexible corporate rules.
    (Although I could be wrong, I often am.)
  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 26 October 2018 at 4:30PM
    You need a money transfer credit card with preferably 0% fee and 0% interest.
    I can't find one available at the moment. The nearest is a MBNA Low Rate card which has a 0.5% money transfer fee with an interest rate of 4.9% for 4 years.
    If you use a combination of your Santander card and this MBNA card you can get the cash into your bank account with a 0.5% fee and 0% interest.
    Do a Money Transfer from the MBNA card to your bank account then immediately do a balance transfer from Santander.
    That way you will pay little or no interest depending on the timing of the balance transfer but it will cost 0.5% MT fee.

    I'm assuming that it is the Santander 27month 0% interest 0% fee on BT you have.
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