Best way to pay for new motorhome?

[Soycd]

Picking the new van up next week. Have been to view it and all is well. Bearing in mind it's £80K+ what would folk consider the best way to pay? I can set up a transfer for the total to arrive on the day we pick it up, but am a bit concerned there might be a glitch and we end up sitting around waiting for the money to get through. Other possibility is to do 3 lots of £20K, mobile banking, over preceding 3 days and the balance when we pick up, then final balance on the day. Our bank has £25K limit a day for transfers with mobile/online banking.

 

[Fulham Dave]

I really didn’t think the U.K. had that many credit card providers, appreciate there are many many credit cards but they are underwritten by a main bank and you normally cannot have more than one 0% deal with each provider. You did well convincing the Motorhome company, it must have been a heavy hit on their profit, charges would have been in the thousands. Good for you using the system to your advantage.

You can take out as many as you want, well you could when we did. I took one out in my name, the wife in hers, we did it over about 3 hours one afternoon. List of cards below.

We advised the dealer that we would be using them and came to an arrangement regarding fees - but from my recollection I think they were about £1500 in total.

My Cards
Sainsbury's Bank Dual Offer Credit Card – 27 Months £12,000.00
MBNA Dual Offer Card – 26 Months £13,000.00
Barclaycard Platinum - 25 Months £4,000.00
Tesco Bank – 22 Months £12,000.00
Virgin Money – 20 Months £12,500.00
Bank of Scotland – 20 Months £10,000.00
HSBC Purchase Plus Credit Card – 18 Months – £10,500.00
Nationwide Members Card – 15 Months £15,000.00

Wife's Cards
Sainsbury's Bank Dual Offer Credit Card – 27 Months £7,500.00
Nationwide Members Card 15 Month £11,750.00
MBNA Dual Offer Card – 26 Months £9,000.00
Barclaycard Platinum - 25 Months £5,000.00
Tesco Bank – 22 Months £7,000.00

 

[funflair]

Paid for my van in Germany with my Revolut accountwas a bit hairy waiting for the dealer to confirm payment but it saved a fortune to what Lloyds bank wanted to do the payment!!
No limit with Revolut either.

I bottled out as I didn't want that much sitting on Revolut so transferred several lumps of €25k to HSBC and then they did a transfer (all free) and I made up the balance with Revolut, as you say it saved a chunk of cash exchanging on Revolut.

 

[Carpmart]

I take it these dealers aren’t so keen on a cheque on collection these days!

 

[Coastal Cruiser.]

I bottled out as I didn't want that much sitting on Revolut so transferred several lumps of €25k to HSBC and then they did a transfer (all free) and I made up the balance with Revolut, as you say it saved a chunk of cash exchanging on Revolut.

I was a bit nervous sending it over and despite asking the German dealer to ring me when it cleared I had to ring them later in the day only to be told it was in their bank in the morning something lost in translation I think

^{_{Subscribers  do not see these advertisements}}

 

[VXman]

You can take out as many as you want, well you could when we did. I took one out in my name, the wife in hers, we did it over about 3 hours one afternoon.

Maybe you circumnavigated checks by doing them all in one so the information couldn't be shared with other banks in time. Or this was a long time ago?

If you take out any kind of credit it will be registered with credit agencies. The most common being Experian. Banks you apply for cards, loans etc to will check your credit score with these agencies. The more cards/loans you take out your score will go down - particularly if you apply for to many in a short period of time. Low score - less chance of being approved.

I have played the credit card game for 30 years. Currently have £20,000 on 3 cards on 0% but I have also been refused on occasion if I have applied to often in a period of time.

 

[starquake]

Think I’ve sorted it. As long as I log in to banking app, then verify by sending say £1 to the dealership online, I can then call bank and they will do a transfer within 2 hours. Thanks for the responses.

I'd warn you on this, most apps are limited to 50k .... don't ask how I now this, but it was vehicle purchase related.

Worth NOTING however with Barclays at least the limit increases to 100K for a previous transaction payee if you use a laptop. Don't ask me why the numbers are different from the app to the website, but they are!

So to be safe, I'd use the internet banking versus app if you use Barclays at least.

 

[starquake]

You can take out as many as you want, well you could when we did. I took one out in my name, the wife in hers, we did it over about 3 hours one afternoon. List of cards below.

If I could have paid my motorhome via credit card I woul dhave for the airmiles.

When we purchased our kitchen we paid (B&Q in end) via B&Q vouchers we purchased from Tesco, as Tesco were giving £5 in clubcard points for every £50 of vouchers, which converted to airmiles, on TOP of the airmiles for buying with amex (which were 2 mile per £). When you spending a few thousand in B&Q thats a lot of money + airmiles on table.

We ended up with around 200 gift cards of various demonination from Tesco for B&Q to pay. We got a family holiday to Florida in business class for "less" than the kitchen cost, without increasing cost of kitchen. (the taxes on flight were about same as economy flights, but it was a lot more comfortable).

Only point I can add to Daves point is fact if you have a charge card form amex, it can not only earn airmiles, but it can have no effective limit (amex are very good at offering cards with effectively no limit)... There is a story on internet about people buying from auctions using a amex for the miles/points for "7 figure" items. Charge cards do need payment in full monthly but do represent an excellent way to earn free flights if the vendor takes them (unlikely in a motorhome case though).

 

[TheBig1]

As I recall and may be out of date.... pay a small percentage of the purchase using HP, but pay that all off after the first payment. It might cost £100 more, but as it was purchased in part on HP you have more protection legally if you get a lemon

 

[Peavy]

only done after final inspection of the van

It must take a wee while in such a huge van

^{_{Subscribers  do not see these advertisements}}

 

[Fulham Dave]

Maybe you circumnavigated checks by doing them all in one so the information couldn't be shared with other banks in time. Or this was a long time ago?

If you take out any kind of credit it will be registered with credit agencies. The most common being Experian. Banks you apply for cards, loans etc to will check your credit score with these agencies. The more cards/loans you take out your score will go down - particularly if you apply for to many in a short period of time. Low score - less chance of being approved.

I have played the credit card game for 30 years. Currently have £20,000 on 3 cards on 0% but I have also been refused on occasion if I have applied to often in a period of time.

Only 3.5 years ago.

Never affected my credit score, never refused credit even after these (obtained a new Halifax credit card and a Clarity card too).

In fact credit score went up once the payments were being met and when they were all paid off.

 

[Soycd]

I'd warn you on this, most apps are limited to 50k .... don't ask how I now this, but it was vehicle purchase related.

I think it's less that that, Halifax is £25K a day. The only reason for logging into the app is for security purposes. You call them via the number in the app once logged in. They then transfer to the high value transfer team who then transfer the £80K straight away. Having said all this I may just do 4 transfers (quarter of balance) over four days.

 

[starquake]

I think it's less that that, Halifax is £25K a day. The only reason for logging into the app is for security purposes. You call them via the number in the app once logged in. They then transfer to the high value transfer team who then transfer the £80K straight away. Having said all this I may just do 4 transfers (quarter of balance) over four days.

Yeah they are published. Barclays app to a non-verified prior transfer is something like a 10K limit, hit it when buying premium bonds, with it being 50K to a prior transfer (validated receipient).

It's nuts -> the mad thing was I could have just used the webpage if I had realised on that first occasion as for whatever reason the limts are higher there. When buying the motorhome we had to do multiple smaller transfer like you!

It's totally nuts and annoying, but Barclays at least published their limits in their guidance on when to use CHAPs, when to use faster paymetns for same day transacations, which is pretty much for a 100K+ same day transaction. Worth noting that faster payments also doesn't apply apparently beyond a limit (so no same day transfers) at many banks too.

 

[edgewood175]

Picking the new van up next week. Have been to view it and all is well. Bearing in mind it's £80K+ what would folk consider the best way to pay? I can set up a transfer for the total to arrive on the day we pick it up, but am a bit concerned there might be a glitch and we end up sitting around waiting for the money to get through. Other possibility is to do 3 lots of £20K, mobile banking, over preceding 3 days and the balance when we pick up, then final balance on the day. Our bank has £25K limit a day for transfers with mobile/online banking.

Can you not ask your bank to raise that limit just for that day ? I told my bank i was picking up the motorhome on a particular day and what account details i would be sending to. They raised the limit and i took my laptop and did the transfer. A lot of banks will fail to transfer if you use a not trusted device.
That happened to a couple who turned up to ours last year. She was trying to transfer from her phone but the battery died so i let her use my laptop. Her bank said the money was sent but did not turn up in mine. Turns out her bank detected my laptop was not a device they recognized so the money was held back. The couple left mine 25k down and no van and had to wait until the Monday. That is another thing to look at, make it a non weekend day.
Gary

 

[Minxy]

I really didn’t think the U.K. had that many credit card providers, appreciate there are many many credit cards but they are underwritten by a main bank and you normally cannot have more than one 0% deal with each provider.

If you apply for them within a short timeframe, as they did, the new agreements don't have time to be listed on your credit file so the next one you apply for doesn't know you've already got loads approved on other cards when they do their credit check.

^{_{Subscribers  do not see these advertisements}}

 

[stewartwebr]

If you apply for them within a short timeframe, as they did, the new agreements don't have time to be listed on your credit file so the next one you apply for doesn't know you've already got loads approved on other cards when they do their credit check.

Thanks for the information, never really played the Credit Card games. But interesting and surprising the system is not smart enough to detect multiple applications.

 

[MichaelT]

If you apply for them within a short timeframe, as they did, the new agreements don't have time to be listed on your credit file so the next one you apply for doesn't know you've already got loads approved on other cards when they do their credit check.

But it will tell them a credit check was done which should ring bells

 

[Minxy]

But it will tell them a credit check was done which should ring bells

Maybe but it would depend on the credit rating of the applicant and again may not show on their credit file immediately as it's down to the credit referencing provider how quickly things are updated. When I apply for stuff it is often a good while before I get notification that a hard search is going on my record.

 

[Soycd]

Can you not ask your bank to raise that limit just for that day ? I told my bank i was picking up the motorhome on a particular day and what account details i would be sending to. They raised the limit and i took my laptop and did the transfer. A lot of banks will fail to transfer if you use a not trusted device.
That happened to a couple who turned up to ours last year. She was trying to transfer from her phone but the battery died so i let her use my laptop. Her bank said the money was sent but did not turn up in mine. Turns out her bank detected my laptop was not a device they recognized so the money was held back. The couple left mine 25k down and no van and had to wait until the Monday. That is another thing to look at, make it a non weekend day.
Gary

All sorted in the end, currently sat in van on a campsite! Thanks to all for advice as well.

 

[seasideBill]

Created the dealer as a payee so bank (First Direct) could verify account details, transferred £10 by bank transfer to test (received by dealer in less than 10 mins), then with payee already set up it’s quick & easy to transfer balance on the day.