Transferring a pcp to a 0% interest credit card

izgo

I pay £260 a month towards a car pcp and have 2 and a half years left to pay. I obviously pay interest on these payments. Is it possible to pay off the remaining £13000 I owe using a 0% interest credit card and then slowly pay off the amount this way? 

Ayr_Rage

You cannot normally pay off a credit agreement with a credit card.

Inbetweeners

You would need a money transfer card but are unlikely to get a credit limit of £13,000. What's the APR on the PCP?

Nasqueron

Other than an MT card, which is typically 12-15 months at 0% only with a big fee, you could try and stooze out - spend on a CC, use a long running BT card to take money off your CC and put the money either in a saver or towards the PCP but you probably won't save a lot even with a big CC limit

DullGreyGuy

Inbetweeners said:

You would need a money transfer card but are unlikely to get a credit limit of £13,000. What's the APR on the PCP?

Agree on the first part... the second part will depend fully on the OP's situation which we clearly dont know about. Personally have found MBNA exceptionally generous on new card limits with over double what they are looking for (14 months, 4% fee)

The OP needs to consider the fee, their current interest rate and what plan B is in 14 months time etc if they cannot get another BT fee. Its highly likely that the 25-30% the interest reverts to if they can't transfer would wipe out any benefits of the transfer.

retiredbanker1

DullGreyGuy said:

Inbetweeners said:

You would need a money transfer card but are unlikely to get a credit limit of £13,000. What's the APR on the PCP?

Agree on the first part... the second part will depend fully on the OP's situation which we clearly dont know about. Personally have found MBNA exceptionally generous on new card limits with over double what they are looking for (14 months, 4% fee)

The OP needs to consider the fee, their current interest rate and what plan B is in 14 months time etc if they cannot get another BT fee. Its highly likely that the 25-30% the interest reverts to if they can't transfer would wipe out any benefits of the transfer.

MBNA now being part of Lloyds Banking Group have tightened up limits recently hence identical offers been given by Lloyds Halifax and MBNA (for me anyway).

Altior

The fee free MT has disappeared from my MBNA after several years of leveraging it for successful stoozing  

born_again

izgo said:

I pay £260 a month towards a car pcp and have 2 and a half years left to pay. I obviously pay interest on these payments. Is it possible to pay off the remaining £13000 I owe using a 0% interest credit card and then slowly pay off the amount this way? 

Have you checked that.

A, you can pay it off early, will they give you a settlement figure.
B, that they will take a CC payment?

DullGreyGuy

retiredbanker1 said:

DullGreyGuy said:

Inbetweeners said:

You would need a money transfer card but are unlikely to get a credit limit of £13,000. What's the APR on the PCP?

Agree on the first part... the second part will depend fully on the OP's situation which we clearly dont know about. Personally have found MBNA exceptionally generous on new card limits with over double what they are looking for (14 months, 4% fee)

The OP needs to consider the fee, their current interest rate and what plan B is in 14 months time etc if they cannot get another BT fee. Its highly likely that the 25-30% the interest reverts to if they can't transfer would wipe out any benefits of the transfer.

MBNA now being part of Lloyds Banking Group have tightened up limits recently hence identical offers been given by Lloyds Halifax and MBNA (for me anyway).

It was this summer that they gave me the limit and in Jan when they gave the Mrs 150% of what the OP is looking for. MBNA was acquired in 2017 so long before our limits.