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lamont Posts: > 500

Hi,

i bought a car on finance and wondered whether it is possible to end the finance deal early to avoid paying all the interest by paying it off using a 0% card?

Thanks
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Posted: 2008-05-23 19:39:23
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masseur Posts: > 500

afaik, in uk, you can only transfer balances from one card to another, not from other types of credit account
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Posted: 2008-05-23 19:50:11
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lamont Posts: > 500

thats what i thought, just wanted to double check. think il just have to get a loan at a low rate to save abit on the rediculous interest amount i would have to pay if i carried on with the car finance.

Thanks
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Posted: 2008-05-23 20:05:08
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masseur Posts: > 500

...or... get another credit card with a limit that covers the car debt, draw cash for that then transfer that card to the one you have 0% on

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Posted: 2008-05-23 20:16:52
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lamont Posts: > 500

i cant pay the car debt in cash though? im not sure whether i can pay it over the counter to them.

[ This Message was edited by: lamont on 2008-05-23 19:22 ]
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Posted: 2008-05-23 20:20:07
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lamont Posts: > 500

sorry was being stupid and not reading in between the lines. That should work!

What stops people with very good credit ratings doing this with large amounts of money and putting the money in high interest saver accounts?

Or do people do this?

Thanks masseur

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Posted: 2008-05-23 20:50:12
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masseur Posts: > 500

I'm not sure if this is common practice... I was just thinking out loud really
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Posted: 2008-05-23 20:53:18
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lamont Posts: > 500

will have to get a statement from the fiancne company and find out how much i would have to pay to finish early.

thanks
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Posted: 2008-05-23 21:01:26
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themarques Posts: > 500

A friend actually bought a house on his AMEX (CENTURION) and because amex gives you back a percentage cant remember what, he was sitting pretty. Note he did have the money to pay the card all off at the end of the month so don't get caught up if you cant afford

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Posted: 2008-05-23 22:46:33
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