Car finance loan and credit card query

anony-moose

I'm looking at getting a new car, with a £1000/£2000 deposit and costing around £15000.

I have read a few places that you can take out car finance with the dealer and then cancel it within 14 days and use a credit card to pay it off - is that right? I have a good credit score and a few offers available to me for 2 years interest free on purchases and balance transfers too. 

Is this a realistic option? Can I do this with any dealer and car finance company? Are there any downsides to this?

Thanks in advance.

CliveOfIndia

You can't use a credit card to pay off a finance deal.  Odds on the finance company wouldn't accept payment by card, but even if they did it would be treated as a cash advance by your card - meaning you'd be hit with a cash advance fee and interest (a cash advance would not qualify for any promotional rates).

One option might be a Money Transfer card (assuming you could get one with a high enough credit limit).  But you'd then have to factor in the transfer fee, and also make sure you could repay the card in full by the time the promotional rate expires.  You may be able to subsequently do a Balance Transfer to another card, but it's a bit of a gamble to just assume you'll be able to do so.