My husband and I are currently looking at buying a used car with a 0% APR for 12 months convenience check. It has a 2% fee which is obviously less than any current APR for used cars. We plan on making payments for 4-5 years, but will pay off sooner as my husband gets side work. I would like to just transfer the remaining balances each year to a current or possibly new card that would also have 0% for 12+ months until paid in full. I know that it will increase the credit utilization but am also thinking of possibly applying for another card to help with that. I also know that there may not always be a 0% APR available to transfer the remaining balances to, but it seems that whenever I don't use a card at all for a few months or have an extrememly low balance, that's when all the good offers come in. So I would hope that would happen. My last resort if no balance transfer offers are available when I need to do one would be to take out a loan on our life insurance policy as it is only about 5% interest. This would be only until a new offer comes in since the interest charged is just while the loan is in force. I just can't find good rates through any credit unions, etc for the year of car he is looking at or that does not require for him to go with the private party to the credit union for inspection of the car. (The credit union we currently have a vehicle with is not anywhere near any of the cars he has been looking at.)
Please comment with any experiences you have. I appreciate it! 