0% credit card for 22 year old daughter

toejumper

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

JamesPeter

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

Although in theory do-able, I think her problem maybe finding a car dealer who will accept a credit card on a vehicle sale.

Most car dealers will not accept them due to the transaction fees they will have to pay on a credit card purchase.

If that bears out, she may need a money transfer card and transfer the balance to her bank account to pay the car dealer. However this will almost certainly cost more.

DullGreyGuy

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

If she has a good enough history and job then maybe she can get a card with a 0% interest rate but as above, you'll struggle to find a company that will accept it for the full value of the car.

As to what happens in 23 months? Thats crystal ball time and many have become unstuck when their plan of continuously bouncing debts between zero interest cards falls down with them declined for a new card and stuck with large debts on 29.9% interest rates.

toejumper

DullGreyGuy said:

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

If she has a good enough history and job then maybe she can get a card with a 0% interest rate but as above, you'll struggle to find a company that will accept it for the full value of the car.

As to what happens in 23 months? Thats crystal ball time and many have become unstuck when their plan of continuously bouncing debts between zero interest cards falls down with them declined for a new card and stuck with large debts on 29.9% interest rates.

Thank you she has a good credit rating and earns about 45k a year 

toejumper

JamesPeter said:

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

Although in theory do-able, I think her problem maybe finding a car dealer who will accept a credit card on a vehicle sale.

Most car dealers will not accept them due to the transaction fees they will have to pay on a credit card purchase.

If that bears out, she may need a money transfer card and transfer the balance to her bank account to pay the car dealer. However this will almost certainly cost more.

Thank you properly not a good idea then going through finance would be the better option 

CliveOfIndia

toejumper said:

JamesPeter said:

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

Although in theory do-able, I think her problem maybe finding a car dealer who will accept a credit card on a vehicle sale.

Most car dealers will not accept them due to the transaction fees they will have to pay on a credit card purchase.

If that bears out, she may need a money transfer card and transfer the balance to her bank account to pay the car dealer. However this will almost certainly cost more.

Thank you properly not a good idea then going through finance would be the better option 

The "better" option would be to save up and buy the car for cash.  Taking out finance on a depreciating asset always needs careful consideration.

MEM62

CliveOfIndia said:

toejumper said:

JamesPeter said:

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

Although in theory do-able, I think her problem maybe finding a car dealer who will accept a credit card on a vehicle sale.

Most car dealers will not accept them due to the transaction fees they will have to pay on a credit card purchase.

If that bears out, she may need a money transfer card and transfer the balance to her bank account to pay the car dealer. However this will almost certainly cost more.

Thank you properly not a good idea then going through finance would be the better option 

The "better" option would be to save up and buy the car for cash.  Taking out finance on a depreciating asset always needs careful consideration.

Absolutely this.  

prettyandfluffy

There are benefits to using a credit card to part-fund major purchases, especially the consumer protection it gives.  Your daughter needs to find a car she likes and ask the dealer how much of it she could pay by credit card, then repay that amount within the interest free period.  If she does that and gets a good deal on a loan (usually better from a Bank rather than a car dealer) it may be doable.  NB Gap insurance may be worth considering until she's paid for the car but again, shop around independently rather than getting it from a car dealer.

adindas

toejumper said:

Hi my 22 year old daughters looking to buy a new car can she buy it on a 0% credit card for 23 months then transfer the remaining onto another credit card at 0% after the 23 months 
TIA

Given that she can not pay by Credit car due to car dealer not allowing paying by CC. She could try to apply for Money Transfer card. But even she manages either paying by CC or MT card there is still another problem

46 months is a reasonably long. What happen if she loses her job and she can not effort the  monthly payment ??

Also consider 23 months and then transfer the remaining into another credit card at 0% after the 23 months, is not straight forward. The second credit card when you are already in debt will be more difficult to get. What happen if she can not get the second credit card to transfer the balance to, Paying interest of 20%+ interest ?? That possibility is not distance but real.

If you read the forum regularly you will see that car credit is one of the major cause people fall into the debt spiral.

As Other other said probably try to save and buy it with cash or look for other alternatives. What about second hand car but still decent to use, does not cause problem,scooter, cycling ??

paul_c123

When does she want another/replacement car? And also, is this car new to her, or brand new? If she is not too fussy on which car to get (just wants a new car) then I believe the finance deals from certain car dealers are better than others, and better than you can achieve with a CC. Plenty do 0% finance deals.