Buying a used car: Credit or Debit card?

moneymiser113
moneymiser113 Posts: 59 Forumite
in Motoring
Hello. I'm buying a 2015 reg used car with 16,000 miles on the clock. Price is £8000

I'm buying from carbase. The car is in good condition with no MOT failures or recalls.

I have savings to afford the car and purchase as a cash payment. I'm happy to own the car straight away and avoid the high APR rates with buying on finance.

I've already paid a £250 non-refundable deposit on my credit card. Should I pay the rest on my credit card too? Or split between the cards? I hear it's safer using a credit card as I'd be protected more than with a Debit card if anything went wrong with the car.

My Credit card limit is high at £11K. it's a normal no thrills platinum mastercard card from Lloyds

My plan is to pay for the rest of the car with my credit card and pay back the full amount with my savings in my current account. (I always pay back my credit card in FULL each month)

As a footnote, I'm not getting any extended warranty. Just the 3 months they chuck in as normal.

Thanks!:money:

Comments

  • A_Nice_Englishman
    A_Nice_Englishman Posts: 2,301 Forumite
    First Anniversary First Post Mortgage-free Glee!
    Will they accept credit card payment? The T&Cs on their website suggest not.
    https://www.carbase.co.uk/terms-and-conditions/
    "Payment" is defined as cleared funds received on or before release of the vehicle by Debit card/Credit Card (upto £500) or Bank Transfer. Receipt of an outstanding balance from the appropriate funding partner or Cash subject to current cash handling legislation (Money Laundering Etc.). Therefore, cash payments over £1000.00 will be accepted solely at our discretion. Bankers Drafts and Cheques may be accepted subject to satisfactory validation which may delay collection unless undertaken prior to delivery. Fees may be payable for acceptance of certain methods of payment to reflect charges levied by the providers of such facilities.
  • moneymiser113
    moneymiser113 Posts: 59 Forumite
    Even if I could pay £500 on credit card, that's enough to have me protected isn't it? I've already paid £250 deposit (which goes towards the total payment).
    I simply want to be safe in case anything goes wrong. But don't want to buy the expensive extended warranty.

    They have sent me an bill for the remaining £7500 and Bank transfer details. I didn;t realise I couldn't use a Credit Card for bank transfers... :(
  • A_Nice_Englishman
    A_Nice_Englishman Posts: 2,301 Forumite
    First Anniversary First Post Mortgage-free Glee!
    I think the Section 75 Protection will apply as you!!!8217;ve paid at least £100 on your credit card

    https://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

    They prefer bank transfers as it doesn!!!8217;t cost them anything!
  • moneymiser113
    moneymiser113 Posts: 59 Forumite
    A_Nice_Englishman wrote: »
    I think the Section 75 Protection will apply as you!!!8217;ve paid at least £100 on your credit card

    https://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

    They prefer bank transfers as it doesn!!!8217;t cost them anything!

    Thanks.

    But can you make a bank transfer with a credit card?
  • moneymiser113
    moneymiser113 Posts: 59 Forumite
    Also yes, it seems that even a deposit counts as part of the purchase under section 75 and as I have spent over the required £100 limit, then I'm covered.

    On another note, Carbase put an owners club fee on my bill for £99 even though on the website it says it's free. Also I don't know if there is a spare key included or not yet!
  • A_Nice_Englishman
    A_Nice_Englishman Posts: 2,301 Forumite
    First Anniversary First Post Mortgage-free Glee!
    edited 14 May 2018 at 9:49PM
    A bank transfer is from one bank account to another so I think you would have to transfer money from your credit card to your current account. That would probably count as a cash advance and incur a fee. I used a debit card when I bought my last car. That would have cost the dealer only a matter of pence rather than several percent of the price like a credit card and was what my dealer suggested.

    Charging for the owners club membership is a bit cheeky if the website says it would be free!
  • moneymiser113
    moneymiser113 Posts: 59 Forumite
    In terms of having an issue fixed on the car, I wonder what the difference is between-

    -3 months warranty from the dealership
    -Section 75 consumer protection (120 days?)
  • facade
    facade Posts: 7,024 Forumite
    Name Dropper First Post First Anniversary
    moneymiser113 wrote: »
    Also I don't know if there is a spare key included or not yet!


    Never, never, never buy a car without all its keys.


    It costs an absolute fortune to get a new key supplied, coded and the "missing" key removed from the ecu, and there is still a key out there that can be used to get into the car, (but not drive it away).


    Just try making a theft claim on your insurance if you haven't got all the keys ;)
    I want to go back to The Olden Days, when every single thing that I can think of was better.....

    (except air quality and Medical Science ;))
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    moneymiser113 wrote: »
    In terms of having an issue fixed on the car, I wonder what the difference is between-

    -3 months warranty from the dealership
    -Section 75 consumer protection (120 days?)

    The latter you use with your credit card company when the dealer won't play ball.
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