loan transfer

Gypsy_2

Hi folks
I am in a works car hire purchase scheme which leaves me with a £7000 final payment to make this August from my bank account (direct debit). Is it possible to have a credit card to make me a loan (which I can pay into my bank account), then credit transfer to another credit card for the period of the balance therefore taking advantage of a low interest? If after purchase I decide then to sell the car can I pay off the balance without penalty?

grumbler

Gypsy wrote:

...Is it possible to have a credit card to make me a loan (which I can pay into my bank account)...

Welcome.
Have a read of 'What is a Super Balance Transfer?' article.

...then credit transfer to another credit card for the period of the balance therefore taking advantage of a low interest...

'Best Balance Transfers (cut the cost of existing credit card debts) ' article...

ALL ARTICLES

P.S. Credit cards companies do not penalize you for repaying balance at any time.

fatboyonadiet

Can't add anything extra to what Grumbler says, except welcome to the boards!!!

Gypsy_2

Ok folks I've read the articles on balance transfers. What I need to do now (?) is apply for a Virgin card and an Egg card. Then ask Virgin to "balance transfer" £7000 into my bank account. I then pay off my hire purchase agreement. Then I "balance transfer" the £7000 from Virgin onto the Egg card? Looking at the information on the Egg site it does not mention the interest rate for "life of balance" transfers, or have I missed it?!

grumbler

Gypsy wrote:

...What I need to do now (?) is apply for a Virgin card and an Egg card. Then ask Virgin to "balance transfer" £7000 into my bank account.

Why both Virgin and Egg? Virgin will be enough if they give you adequate credit limit (you can transfer 95% of limit)

Then I "balance transfer" the £7000 from Virgin onto the Egg card?

Why? You have 9 months 0% period. You need to transfer only at the end of 9 months

Looking at the information on the Egg site it does not mention the interest rate for "life of balance" transfers, or have I missed it?!

Why do you think that Egg offer this? There are other cards for low life-of-balance rates, but be aware they usually offer lower limits.