Car deposit with 0% credit card

[X2Kids]

I need a larger car. I don't really want to get finance. The last car was financed with a bank loan.

This time I'd like to use some cash I've saved, cash from the sale of my current car and then 0% credit card. I plan to pay it off within 12 months, and would be about £3000 in total.

I rarely use credit cards except for holidays then pay it off, for the added protection more than anything else.

Would I be mad to buy a car in this way.

My thinking is that my income may reduce in 2024, so don't want to be paying car finance if it does so. Doing it this way will mean car will be owned outright within 12 months.

Any opinions?

You may find that the seller refuses to take a credit card because of the merchant commission they have to pay.

Good point. Didn't think of that!

I did. They tried to say they don’t take credit cards and I stood my ground.
I had a MBNA one with 0% for 36 months, I put £6000 on it.

If you can't pay for the car on a credit card, get a 0% spending card and put £3k of your normal expenditure on it, and use the money you would have otherwise spent to pay for the car. Puts you in the same position as you would have been if you'd used the card to pay for the car.

If you pay for all your groceries, petrol, any work expenses, general day to day expenses like meals out, any car expenses like insurance, servicing, tax etc, clothes, it will probably won't take that long unless you are a low spender.

Or you could offer to pay a little extra towards their handling fee. A credit card might attract a fee of 1-2%, so £30-60 for the £3k, so cheaper than using finance.

I did this with cinch..put 6k towards the car on credit card. I had just returned to work and my wages for the first few months went to pay it off..0% of course. Worked well.

Definitely go for it.. I would never get a car on fianance and I’ve owned lots
my recent was 5 month ago a 2019 and was £10,000 I only had 8k so put 2k on 0% credit card and paid that off just this month so all paid up now and my car is owned outright x

Always put at least some of a car purchase on a credit card, even if it's just the deposit of a few hundred. If anything goes wrong with it then you can use their legal team. I'm pretty sure the likes of Martin Lewis recommends that you do this.