My New Car Finance Idea!

[C.A.R.]

Just wanted to see if anyone could pick a hole in my 'plan' for a finance arrangement so I can get a new car.

New car will cost around £3500-4000, but I can only really save up £1,000 prior to Christmas and moving into our new place etc.

So...

I have recently cleared my credit card and they've given me a 'cash advance' offer thing.

I can transfer up to £3,750 straight into my current account interest-free until June next year, albeit with a 1.9% fee. If I transferred £3500 for example this fee would be £66.50

I can then pay off whatever I get for my car when I sell it. Worst-case scenario £850 (worth more guys!!) which would leave £2,716.50 to pay off of the card. Paying it off asap would equate to £339.60 per month.

However even if I couldn't clear this amount in time I can transfer the amount to another interest-free credit card (typically 2.9% fee) so it wouldn't be the end of the world.

To put this into perspective if I went to my bank to get a bank loan for £3,750 the total repayable to them would be £4,316. That makes the total cost of that credit £566!!

MBNA offer a similar 'cash advance' card which is interest free for 31 months or 2 and a half years. The same loan over this period would cost £950 in interest compared to a £66.50 fee.

Seems insane, so I'm trying to work out if I've made a major boo-boo.

I've done my research over on MoneySavingExpert and can't see any flaws...