So my old car has had its time and I'm looking to buy a 3-4 year old car for around £9-10k. I have personal savings exceeding this amount so buying in cash is an option, however I have recently learned about 'purchase credit cards' with 0% periods which are appealing for a few reasons:
- Provided I pay it within the 0% period (usually 18 months), it is free borrowing
- Allow me to make monthly payments without getting locked into the high interest rates and long terms of a PCP or HP
- Covered by section 75 in case there are any issues with the car
- Builds a good credit history
However, I am not sure of my eligibility due to my age (23) and income (£25k) and do not want to be laughed out of the bank by asking for such a high limit.
I have had a student credit card for the last few years as well as paying for various bills, so I have an Experian credit score of 999, as well as having the cash to hand and a proven track record of paying all bills in full either on time or early.
My question is, what is the likelihood that any bank would accept me for an account such as this? I have never actually applied for a credit card before so am not sure how limits and terms are gauged, so any help is much appreciated.