Car Loan and Impact on Applying for Balance Transfer Card

QuickC21

Hi All,

I'm currently looking into getting a personal loan (8-9k over 4 years) to cover the cost of a new car that we need as myself and my partner both commute to work. 

There's a slightly complication in that I'm intending to transfer some credit card debt to a 0% balance transfer credit card at the start of the New Year and then continue to pay down over the next 12 months (which I've already being doing on my existing C-Cards). 

My question is, by getting the loan to cover the cost of a new car, how much will this impact me when it comes to applying for the card in a couple of months?

Ebe_Scrooge

It will have an impact on your affordability profile.  As to how much of an impact, no-one can predict that.  It depends largely on how much of a percentage increase the new loan adds to your current outstanding debt.

However, be aware that 0% transfer cards (well, credit in general) have been harder to obtain recently anyway, so there's no guarantee you'd be accepted for a new card - with or without the additional loan.

bazzyb

QuickC21 said:

My question is, by getting the loan to cover the cost of a new car, how much will this impact me when it comes to applying for the card in a couple of months?

Absolutely impossible for anyone to guess this.  So many variables to consider.

born_again

Might be worth borrowing a bit more & pay of the CC debt with that. Yes you will be paying interest. But you are not reliant on getting a 0% deal after taking the loan out.