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Best way to pay for a car...if getting a personal loan?


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Hi all,

 

Quick question - I know it's frowned upon to pay for a car using bank transfer/cash etc especially when there are issues later on etc. 

In my case, I've always gone on HP Finance and then either paid it off early or got bored and trade in/buy another.

As a result, this HP has effectively protected me indirectly.

 

But if one is to get a personal loan because rates are better than a HP/PCP/Lease, how do you pay for it given the personal loan is essentially just cash or a bank transfer?

 

A credit card could be used but most are not going to have a limit capable of a high priced car.

 

Just curious although I might be in that boat soon after lockdown ends -

 

Thanks all!

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Debit Card or Cheque

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There isnt any legal protection. But you can attempt to do raise a Chargeback... 

But be careful because it could backfire.

 

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great - so I think maybe the safer option is to suck it up for a bit (Interest) and if you can, also get a HP/PCP/Lease via the dealer.  End of the first month if all is good, pay it off with the loan?

 

thanks for all the replies

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I guess it depends on the value but nothng stopping you paying by credit card (other than your card limit) then using the personal loan to pay off the credit card in full when the bill comes in?

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  • 3 weeks later...

Thank you all for your help/advice/responses.

 

I saw the car briefly yesterday - Unfortunately while I test drive cars properly on any normal day, the dealer had a number of covid-era rules and one of them was a max 15 min drive.  From the 15 mins, the car seemed fine and still has 6 months original manufacturing warranty so I'm fairly safe.  Body/interior was also fine - I accepted the car BUT...

 

Today I was told the balance after the part-ex (car) + the £99 deposit (credit card) can only be payable via BACS and not card.  They (Sytner group) have a £2000 limit by chip and pin.  I vaguely remember this with my current car but while they were happy to BACS on the day, Sytner need it 2 days before/latest day before.

 

In response to Homer67 - is this the case?

Am I being silly going for BACS or is this normal practice now?  I doubt Sytner will be folding anytime soon so no real risk of the money going into a dark hole ( I hope)

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no do not use bacs

you have ZERO protection in trying to get it back if things go bad.

 

chip and pin by debit card gives basic protection

much better idea is to transfer the pennies onto your credit card and use that then you have section 75 cover

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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But that's the issue...the max they accept on chip and pin is 2k. This is 19k I need to pay.

 

Its not a small dealership or company either. I rang a few other Sytner dealerships and they confirmed they have a limit of 2k on chip and pin as a total so I can't even do 9x 2k transactions 

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Been reading more into it and have drafted up an email to them to find out more too 

 

1. It seems if I buy online on the Sytner page, I can use debit/credit card

2. I have found on their "charter FAQ" page : Deposits can be paid via both Debit or Credit Cards with balances payable by debit card or bank transfer. (Credit card payment may be limited, if in excess of £2000).  I am questioning this but if right, the best I can do is debit card it seems for £10k as this is Barclays persona account daily limit.

3. I have paid deposit (£99) via credit card, does this allow the entire amount to be covered under Section 75 as per Homer67s response if I pay the rest via debit or bacs?

 

Thanks in advance

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To enjoy the protection offered by s.75 CCA 1974 for a credit card payment, you must pay over £100 and under £30,000 for the goods or service (even if part payment for a larger total amount).

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Brilliant thank you.

So if I pay £2000 on credit card and the remaining 18k via BACs, I'm protected for the full 36k of the invoice price (16k part ex, 2k credit card and 18k bacs) is what I'm reading ?

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I dont want to say yes or no but...  There was a Ruling / Case either with the FOS or Courts where it was upheld in that exact manner

 

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Perfect thank you!

I have just had approval from the dealership they will take the full payment on debit card 

If there is more security given I have paid £99 on credit card, what I will do is pay £2000 on credit card and £18000 on debit card

 

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No idea, they will not budge on the 2k limit on credit card.  I suspect the charges incurred ?

 

Frequently Asked Questions | Sytner Group Limited

How can I pay for my new vehicle?

All of our Centres have dedicated Finance Managers there to assist and advise you on the best way to fund your purchase. Deposits can be paid via both Debit and Credit cards with balances payable by Debit Card or Bank Transfer. (Credit card payments may be limited, if in excess of £2,000 and cash in excess of £5,000). Sytner Group Ltd are Authorised and Regulated by the Financial Conduct Authority.

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Yes, to confirm, you can get full protection under s.75 on the full purchase value up to £30K so long as you pay over £100 by CCard.

 

If you already paid £99 as deposit, you could get s.75 protection on the full £20K by just paying a further £2 by the CCard and the balance by any other means.

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Thanks Slick132, the car is 36k in total with part-ex but still, a loss of 6k is much better than 36k with the use of s.75.

 

Thank you all - long slog to next sat when I pick it up 

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Wow you're right - did more reading this morning and a penny over 30k is no go.

How does the s75a work in this scenario or it doesnt?  Collecting the car tomorrow and suddenly nerves are kicking in with all this lack of protection

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Hi AJ,

 

You still have full protection under Consumer Rights legislation - you just don't have the added protection afforded by s.75 where the card provider is jointly responsible along with the retailer.

We could do with some help from you

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                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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