Can I buy a car with VWFS and pay it off using a 0% card?
Discussion
I've reserved a car. I've got savings to buy it, but I'd rather hang onto that and pay for it over a longer period if possible. But I don't want to do it with interest otherwise there's no point really. I can't pay for the car with a credit card (maximum is £2000 on a CC). If I bought the car using hire purchase, through VW Financial Services, is there some way I can then use a credit card to pay the bill? That would enable me to use a 0% balance transfer card (I think?) to stretch out paying for it. Do VWFS charge fees if you do this? Or is each agreement different so it's impossible to say?
I've only ever borrowed for a house before, hence why I sound like I have no idea what I'm talking about.
I've only ever borrowed for a house before, hence why I sound like I have no idea what I'm talking about.
Prawo Jazdy said:
I've reserved a car. I've got savings to buy it, but I'd rather hang onto that and pay for it over a longer period if possible. But I don't want to do it with interest otherwise there's no point really. I can't pay for the car with a credit card (maximum is £2000 on a CC). If I bought the car using hire purchase, through VW Financial Services, is there some way I can then use a credit card to pay the bill? That would enable me to use a 0% balance transfer card (I think?) to stretch out paying for it. Do VWFS charge fees if you do this? Or is each agreement different so it's impossible to say?
I've only ever borrowed for a house before, hence why I sound like I have no idea what I'm talking about.
Even if VWFS accept a credit card for the payments, you might find that the credit card company treat the payments as a cash transaction, and charge you (a usually higher) cash interest rate.I've only ever borrowed for a house before, hence why I sound like I have no idea what I'm talking about.
Can you not do a "money transfer" from a credit card instead, then you will have the cash to buy the car.
I am constantly being offered money transfer's interest free for 18-24 months for around 3% initial fee on my cards.
If you have a high enough credit limit, it could be a cheap loan.
I am constantly being offered money transfer's interest free for 18-24 months for around 3% initial fee on my cards.
If you have a high enough credit limit, it could be a cheap loan.
If the car you are buying is an EV, then using PCP is very wise.
I have always paid cash for car, but certainly would not for an EV.
The reason is, uncertain and probably very rapid depreciation.
New buyers, especially business buyers, have all the tax incentives and inducements. When those cars reach the used market, demand is very different.
Example;
New EQS £140,000
3 years old £35,000
The PCP finance providers have lost fortunes, after being caught out by their over optimistic residual values.
By using PCP, you can lock in depreciation at the start.
Edible Roadkill said:
I done this a year ago to gain the extra services and warranty but paid it on a debit card.
I think you can t shift finance to a CC unless as said above a money transfer.
11.9% finance from vwfs was ridiculous!
I think you can t shift finance to a CC unless as said above a money transfer.
11.9% finance from vwfs was ridiculous!
High rates being charged now, are indicative of the finance providers trying to avoid further PCP write downs.
Hopefully almost everyone knows by now, the disadvantage of debit cards. There is no comeback help at all with a debit card.
Debit card = The bank is in charge.
Credit card = We are in charge.
When a purchase problem arises, in practice a prompt repayment is applied to our account and we can then leave the credit card provider to do battle with the seller.
Payment method aside…
VW finance is great for receiving 2yrs free warranty, servicing, MOT & breakdown. Consider putting a small amount in their finance and then a few days later (when you’ve received confirmation) you can withdraw from the finance, settle the balance including a few days interest and keep all of those 2 year benefits. But you must ‘withdraw’, not cancel.
VW finance is great for receiving 2yrs free warranty, servicing, MOT & breakdown. Consider putting a small amount in their finance and then a few days later (when you’ve received confirmation) you can withdraw from the finance, settle the balance including a few days interest and keep all of those 2 year benefits. But you must ‘withdraw’, not cancel.
Prawo Jazdy said:
Thanks for the replies. The offers with finance which then stay if you withdraw sound interesting. I m buying used though, and it isn t a VW, so I suspect the servicing wouldn t be that useful. Extra warranty might, but would that apply to a used car?
You've "reserved" the car. Surely YOU are aware of what the deal is rather than asking others here!!Jon39 said:
The reason is, uncertain and probably very rapid depreciation.
New buyers, especially business buyers, have all the tax incentives and inducements. When those cars reach the used market, demand is very different.
Example;
New EQS £140,000
3 years old £35,000
I just did that with my motorcycle loan, although it was only £4500.
Barclaycard allow an interest free transfer in cash to your bank account.
Cost me about £95 saving hundreds on my Barclaycard loan.
Payments went from £150 to £43 and i’ll sell the bike or pay it off before any interest is due.
Barclaycard allow an interest free transfer in cash to your bank account.
Cost me about £95 saving hundreds on my Barclaycard loan.
Payments went from £150 to £43 and i’ll sell the bike or pay it off before any interest is due.
Prawo Jazdy said:
Thanks for the replies. The offers with finance which then stay if you withdraw sound interesting. I m buying used though, and it isn t a VW, so I suspect the servicing wouldn t be that useful. Extra warranty might, but would that apply to a used car?
Mine was a used Skoda Yeti purchased from a Skoda dealer, so the offer may still apply.Prawo Jazdy said:
Thanks for the replies. The offers with finance which then stay if you withdraw sound interesting. I m buying used though, and it isn t a VW, so I suspect the servicing wouldn t be that useful. Extra warranty might, but would that apply to a used car?
Posters were assuming you're buying a VW Group car, but even if you are, the Approved Used offer varies from time to time across their brands - the 2yr, 2 service, 2 yrs warranty, 2 years roadside, isn't always available. Skoda are doing it now, VW aren't.Gassing Station | Finance | Top of Page | What's New | My Stuff