Buying A New Car

KD

Before anyone posts - i know there is a big issue around depreciation of new cars....but there are just sometimes 'a girls got to do what a girls got to do'.
I am treating myself to a brand new car in Sept and having a good look around.

What I need info on is alternatives to pay for it. I actually have the cash to pay for it (£20K, after expected trade in), however wondered if I could find a way of keeping my money in the bank for a bit longer (offset some of that lost depreciation)

I have no 'real' debts, just making use of a couple of 0% creditcards and wondered if i could apply the same principle to paying for the car. Credit limit on my 0% is £6700, which is almost used up. I have a very good credit record

Not sure that even the garage I'll deal with will take payment on credit card without extra charge - could a form of stoozing be am option?

burbs_2

If you have 20 to spend on a car i have a nice little Subaru that would go down a treat

Helen_from_yorkshire

We bought a new car last October and garage would only accept £1,000 on credit card, the rest had to be paid via debit card. If you decide to do this however, ring the bank a couple of days beforehand to warn them to expect a large purchase.

brm_2

KD wrote:

Before anyone posts - i know there is a big issue around depreciation of new cars....but there are just sometimes 'a girls got to do what a girls got to do'.
I am treating myself to a brand new car in Sept and having a good look around.

What I need info on is alternatives to pay for it. I actually have the cash to pay for it (£20K, after expected trade in), however wondered if I could find a way of keeping my money in the bank for a bit longer (offset some of that lost depreciation)

I have no 'real' debts, just making use of a couple of 0% creditcards and wondered if i could apply the same principle to paying for the car. Credit limit on my 0% is £6700, which is almost used up. I have a very good credit record

Not sure that even the garage I'll deal with will take payment on credit card without extra charge - could a form of stoozing be am option?

Thats a very good question.
I am also looking at the same scenario.
Not sure which way to go at the moment with possible drop in interest
rates.

Clariman

Hi KD

As others have said, most car dealers will only allow you to pay about £1000 on a credit card, because they don't want to take the CC charges. You asked if stoozing could be the answer. It could. What you would need to do is to use an SBT card (e.g. Virgin, Egg or MBNA) to route the credit card money into your bank account. Then you could write a cheque out of your bank account. However, you'd need to be very careful that you didn't spend the £20K that you have saved up on other things, otherwise you could end up paying a lot of interest after the 0% period runs out. Stoozing is a great way of earning 'free' money but you need to have the right attitude and approach. I suggest that you visit the stoozing site below, read the information on the Stoozing menu, including the Risks section and then decide whether or not it is for you.

Clariman

leet_first

When I bought my current car (used) I managed to persuade the saleman that in order to do the deal in the timescale he wanted, that I put £3,500 on a credit card and £5,000 through on a debit card.
My previous car purchase I was able to put all £7,000 through on a credit card. However both of these were for used cars and at main dealers.

Obviously this will depend on the garage used and how good a deal the salesman thinks he has got. IE If he has made a good margin they will be happier to allow credit card payments.

My usual option is 'if you don't ask you will never know'. Be cheeky, they can always just say NO.

Reaper

By using a credit card you are eating into his profit. If he agrees then he is making a fat profit and can afford to take a small hit. It is a sure sign you haven't negotiated hard enough!

If he agrees you should say "well in that case knock another couple of hundred quid off and I'll pay by debit card!"

As for using stoozed money - as had been said above bear in mind stoozing should be seen as short term. There is no guarentee you will be able to keep it up once your current 0% deals finish, so you need to have thought out what will happen if you can't. The last thing you want to do is end up paying full credit card rates on such a large amount.

stormCat99

When we recently bought our car on credit card (3.9% LOB) we had no problem at all paying in full on credit card, they didn't bat an eyelid. Worth asking your garage as it appears that policies can vary greatly.

KD

Some great tips from you guys... feel a lot more confident in exploring the options and weighing up the potential hazards.

W1zz

I bought my car new last year and was only able to pay the £500 deposit on the Credit Card. The rest I used a Cahoot Flexible loan which I then cleared using a newly aquired Mint Card (0% Cheques) - As my loan was higher than the Mind Credit Limit, I got a Capital One 3.9% LOB and transfered £8K onto this.
When the Mint card 0% ran out, I switched to BarclayCard - This is now coming to an end so I've got a Virgin 0% for 9 months due to drop through the letterbox any day soon.

I bought the car through a m8 who works for one of these Online Car Dealerships. Saved approx £3,500 by buing an import + got top book price from my part exchange (£1K more than I was offered at CarPeople).

I worked out the car would be paid off in 3.5 years rather than 5years by choosing the CC stooze route over a personal/flexible loan.

Stonk

When we recently bought our car on credit card (3.9% LOB) we had no problem at all paying in full on credit card, they didn't bat an eyelid. Worth asking your garage as it appears that policies can vary greatly.

Nah, what varies wildly is how much profit car dealers take people for. If they let you pay that much on a credit card, it's because they are making a lot of money on the sale. Simple.