# Credit Card for Car Loan



## Ross (Apr 25, 2007)

Does this sound like a good plan?Been to the bank this morning to review my account doing very well in fact.
Payed off my current car on Monday,have a good amount sitting in there but for the Spec B I want I would say for example I would need around 2 grand,because my credit rating is so good the Bank is very willing to give a card up to £5250:thumb:
I could take out a small loan from the dealers and pay it off ASAP but the Card sounds really tempting.


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## Paulo (Aug 11, 2007)

_Compare the APR's, I'm sure a bank loan or Dealer's Finance will be at least half the APR of a Credit Card Loan....._


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## Ross (Apr 25, 2007)

Its just an idea,Bank loan APR is more than there own card.


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## SarahAnn (Apr 6, 2011)

Why not just pay cash? The interest rate on money in the bank is appalling at the minute


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## bjarvis2785 (Oct 4, 2008)

Does the card have any promotional 0% on purchases or could you not look for one that did?


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## The Cueball (Feb 8, 2007)

If the card has a 0% offer, I would bang it on that, but just make sure to pay it all off before the offer ends...

:thumb:


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## CraigQQ (Jan 20, 2011)

my uncle bought his last audi r8 on his credit card.. it worked out the best deal paying it off over 3 years at his cards APR vs dealer finance vs bank loan APR

(yes his card has a limit of about £150k.. cueballs is probably higher :lol


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## The Cueball (Feb 8, 2007)

CraigQQ said:


> (yes his card has a limit of about £150k.. cueballs is probably higher :lol


Are you kidding....I was only allowed the capital one "credit builder" and got a £100 limit!!! :doublesho

I phoned them up and explained that wasn't enough to fill my petrol tank, and they "took a chance" and put it up to £150.00

:thumb:


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## CraigQQ (Jan 20, 2011)

:lol: thats cause your from EK cuey :lol:

took a chance eh.. a whole £50 extra :lol:
they obviously haven't seen your suits cuey


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## PaulN (Jan 17, 2008)

Have you got another credit card currently? 

Ideally you can put the £2k on a normal card, then balance transfer to a 0% card and take the 3% handling fee. Should get you 12 months interest free.


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## Ross (Apr 25, 2007)

Never had a credit card.


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## dew1911 (Jun 9, 2009)

Like you ross, never had a card and the thought scares me a little :lol:

I got the D5 with a bank loan, Halifax were doing a pretty good rate and got a nice low monthly repayment I can easily afford :thumb:


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## Ross (Apr 25, 2007)

Its just an idea,starting to the the Spec B I would like is a little over priced there is a nice 2005 one I could by right now pretty much just swapping it with the Toyota:thumb:
Being sensible is really paying off now


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## Derekh929 (Aug 28, 2011)

I have used visa for this in past last one 13 months 0% on purchases but be warned it can also be a bad way if you have a change in circumstances and watch garages using flat rates as always look at APR as they should be using CC is OK if very disciplined with money and i have never paid any interest on CC also some have Cash back but i would say for more than £2000 would be best to build up the monies to pay of in tax free savings account ready to pay of visa or if can transfer to another 0% but watch for high transfer fee's


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## centenary (Sep 5, 2010)

Nothing wrong with credit cards. I've 6 of them and have 2 authorised users on a couple of them. Always get paid off by the statement date. 

Like any loan, never spend more than you can afford to repay.

I never carry cash with me now.


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## scoobymad (Jun 14, 2011)

The Cueball said:


> Are you kidding....I was only allowed the capital one "credit builder" and got a £100 limit!!! :doublesho
> 
> I phoned them up and explained that wasn't enough to fill my petrol tank, and they "took a chance" and put it up to £150.00
> 
> :thumb:


that's enough to buy Me You and Tiff lunch :lol: :lol:


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## R7KY D (Feb 16, 2010)

Get the M&S one , 0% 15 months


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## peanut1 (Dec 29, 2009)

Plus with having it on a 0% card you can pay it off when you want rather some loans or finance where you get an early settlement penalty!


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## Ross (Apr 25, 2007)

Hmmm I am not sure on that car now,been doing some research and its a bit over priced but I have found one where I don't need any kind of loan.


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