Buying a car - CC over 3 years best way?

beanybot

Looking to buy a used car from a dealer. With our trade in we will need £7k on top. Best way to do this? I was thinking a 36 month 0% credit card. But do they exsist and will we get the £7000 we need? hmmm. Is that the best, most cost effective way of buying something at £7000?

[Deleted User]

You can get longer term 0% offers with high limits depending on your circumstances, but the bigger issue is whether the dealer will accept a card.

If not, you need to look at money transfer or traditional loan options.

beanybot

Deleted_User wrote: »

You can get longer term 0% offers with high limits depending on your circumstances, but the bigger issue is whether the dealer will accept a card.

If not, you need to look at money transfer or traditional loan options.

Circumstance (credit file and worthiness) should be near as good as it gets, no issues there.
As for dealer taking cards, I've never heard of them not accepting cards. is that a thing now? I was looking at mainstream dealers like Arnold Clark and Evans Halshaw.

[Deleted User]

The majority don't for anything beyond deposits, as it's too much of a hit on income, unless they've padded the prices to account for card transactions.

The Arnold Clark site says they accept Mastercard and Visa, but that may just be for deposits. You'll need to check.

beanybot

Hmmm, strange they would reject business even if they do take a small hit on the charges. I mean its only £70 at 1%. Not worth loosing a sale over. And if 1 dealer takes them then I assume they would all want to lest they loose business to their rival. I will check.

As for 0% purchase cards the longest I seem to be able to find is 25 months which could work. But i'd rather it was over 3 years.

Cisco001

beanybot wrote: »

Circumstance (credit file and worthiness) should be near as good as it gets, no issues there.
As for dealer taking cards, I've never heard of them not accepting cards. is that a thing now? I was looking at mainstream dealers like Arnold Clark and Evans Halshaw.

I went to toyota dealer last time. They accept credit card. No ideas about arnold clark or evans halshaw.
I asked them to split the payment for 3 different cards.

You could ring them up and ask?

MallyGirl

None of the last 3 cars we have bought would accept more than the deposit on a CC. Dealers will likely be charged more than 1% of the transaction cost in fees.
My longest 0% deal is 32 months but you do occasionally see longer. Whether you would get it is totally dependent on your credit history.
Best to ask in advance if they would accept full payment by CC.

beanybot

I'll ask around the dealers. See who actually want's my business then! lol

stehouk

As a general rule in my experience, the larger the dealer the more likely they are to accept cc cards because they make more profit compared to a smaller independent dealer, also if you beat them down on price or the car is already cheap compared to the same model else where the less likely they will accept cc cards as their margins are so tight.
Large auction companies accept credit cards up to £7500 so this may be an option if you are confident enough to buy through them.

beanybot

I've rang 4 "main" dealers (arnold clark etc) and they all accept CC's.
Now to find a long 0% one.

BoGoF

beanybot wrote: »

I've rang 4 "main" dealers (arnold clark etc) and they all accept CC's.
Now to find a long 0% one.

The cynic in me says they will tell you anything to get you through the door. Arnold Clark are known as Arnold Shark fir a reason.

My experience is similar to others - only accept deposit on credit card and maximum they would take was £5,000. This was a large dealer.