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Can i pay my loan off with my credit card
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I took out a loan with Halifax to buy a car. I have paid nearly half of the loan, £136.00 & now approximately £20 interest a month. I now have £4,000 left to pay over 2 years.
I also have a 0% interest credit card with Halifax.
My question is, is it possible to pay my loan off with my credit card? Pay my credit card monthly so I'm paying 0% interest or is it best to keep my loan for the remaining 2 years?
Many thanks
I also have a 0% interest credit card with Halifax.
My question is, is it possible to pay my loan off with my credit card? Pay my credit card monthly so I'm paying 0% interest or is it best to keep my loan for the remaining 2 years?
Many thanks
0
Comments
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No. You'd need a money transfer, but you'll need to factor in the fees.0
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I often say it but you could put all monthly expenses on your credit card - shops, fuel etc. and then put the money in an account. Use that money to then pay off car loan so that effectively gets the borrowing to 0% credit card.
For some, that may be 2/3 months but i appreciate if you have low expenses this may not have much impact.0 -
0% on purchases or 0% on balance transfers?
If 0% on purchases you can PayPal a friend loads of money using your credit card as the funding source, have them withdraw the payment from their PayPal account into their bank account and faster payments the money back over to your bank account for you to clear your loan.0
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