Using credit cards for car finance

aleycat65

Hey, firstly I apologise if this is the the wrong place but I found the site a little confusing to navigate!

I am due to buy a car in a few weeks, looking at around the £16,000 mark. I have £4,000 deposit and i am interested in buying- not a PCP.
My question is, how best to finance the rest? HP seems easiest but not necessarily cost-efficient. A personal loan seems like an okay way to go, but again the interest mounts up a little-nothing disastrous.
But, I have looked into combining a few options, splitting the amount between 2 0% credit cards ( or 1 and a loan for the rest) and then balance transferring when the 0% period runs out. I have never done that before and so i'm not sure if that is a risky strategy or not?
What would you do and which method have you preferred in the past?

worried_jim

Duplicate thread here- https://forums.moneysavingexpert.com/discussion/6010550/buying-a-car-best-option

spadoosh

It depends on your ability to manage your finances. If you can keep on top of it you can save yourself some money in interest. Make one mistake with it though and its likely youll wipe out any benefit of the lower interest rate.

The other problem that might arise is their might not be a wide array of interest free products available to balance transfer to when you need to, again negating any benefit of the interest free period.

BoGoF

Finding a dealer who will accept such a large portion on a credit card will be your biggest hurdle.

Why is the interest on a personal loan disastrous? Is your credit history not that great?

spadoosh

BoGoF wrote: »

Finding a dealer who will accept such a large portion on a credit card will be your biggest hurdle.

Why is the interest on a personal loan disastrous? Is your credit history not that great?

They said 'nothing disastrous'

foxy-stoat

Just get the lowest rate personal loan you can.

eskbanker

aleycat65 wrote: »

splitting the amount between 2 0% credit cards

Aside from the issue of getting a dealer to accept CC payment, do you have two credit cards with a total of £12K available credit at 0%? If not then what leads you to believe that you'd be able to secure these?

spadoosh

eskbanker wrote: »

Aside from the issue of getting a dealer to accept CC payment, do you have two credit cards with a total of £12K available credit at 0%? If not then what leads you to believe that you'd be able to secure these?

I earn £18500 a year and have 2 0% cards totalling £10,900. Cant be that much of a stretch getting it to £12k, shirley? And most dealers will take payment by credit card.