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Options on paying PCP balloon payment

Eml2021
Posts: 9 Forumite

in Credit cards
Hi all, my PCP finance is due to run out in April 23. I’m looking at different options of paying the balloon payment that’s due at the end of my contract. I’ve been looking at 0% balance transfer cards or purchase cards but aren’t sure if my finance company will accept that as form of payment. Has anyone used a transfer card as payment before? Or is anyone able to explain how the different forms of payment work please?
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Comments
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The last time I paid off car finance balance (RCI, so Nissan and Renault) they would only take a bank transfer (i.e. faster payment), not even a debit card. You could get a Money Transfer to get cash in your bank account and take it from there.
How much is the balloon payment?0 -
Balance transfer cards won’t work.If the loan company accepts a credit card for payment (unlikely but check with them prior), a purchase card would work.
Otherwise a Money Transfer card is your best bet - but the majority of these have lowish limits.0 -
DailyHail said:Balance transfer cards won’t work.If the loan company accepts a credit card for payment (unlikely but check with them prior), a purchase card would work.Well, IF they accept CC payments, you can pay with some CC and then transfer the balance.If they don't accept CCs, then in the worst case scenario you can withdraw cash from a CC (this will cost about 3%), then transfer the balance.
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TadleyBaggie said:The last time I paid off car finance balance (RCI, so Nissan and Renault) they would only take a bank transfer (i.e. faster payment), not even a debit card. You could get a Money Transfer to get cash in your bank account and take it from there.
How much is the balloon payment?0 -
Eml2021 said:TadleyBaggie said:The last time I paid off car finance balance (RCI, so Nissan and Renault) they would only take a bank transfer (i.e. faster payment), not even a debit card. You could get a Money Transfer to get cash in your bank account and take it from there.
How much is the balloon payment?
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If the OP were able to use an ordinary "purchase" card, wouldn't that be treated as a cash advance anyway? If so, they'd be hit with fees and interest. Not sure whether the one-off fee usually associated with a money-transfer card (assuming they can get one) would be cheaper overall?
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DailyHail said:If the loan company accepts a credit card for payment (unlikely but check with them prior), a purchase card would work.0
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Your options are limited by what the firm does - if they will take a £6k payment on card (unlikely due to the fees) then you could do that but as above it'll likely be treated as cash and thus incur fees and interest. If not, you could use a MT offer for some of it if you got a sufficiently high limit. It's a bit of a gamble though, it would be safer to use whatever funds you set aside to pay off the balloon back in 2019 and take ownership that way, perhaps use a 0% purchase card for a bit to rebuild the savings0
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Eml2021 said:TadleyBaggie said:The last time I paid off car finance balance (RCI, so Nissan and Renault) they would only take a bank transfer (i.e. faster payment), not even a debit card. You could get a Money Transfer to get cash in your bank account and take it from there.
How much is the balloon payment?
But as a rule of thumb. Credit to pay credit is often refused.Life in the slow lane0 -
My company would only accept a payment from a debit card.
credit card is treated as a cash advance.
Why would a finance company accept a credit card for say a payment of 10K for instance and they pay a 2-3% handling fee to accept your payment0
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