bieransri
Member
Registered: 13th Apr 06
Location: Kidsgrove, Staffordshire
User status: Offline
|
want to get he funds to buy a new motor, only about £2000 best option. need it quite soon, would be paid off mostly when my car has sold. whats the best option?  bearing in mind im 18 and a loan seems a bit daunting
|
Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
|
0% option on some credit cards, 12 months with Virgin at the moment.
|
Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
|
Where are you buying the car from? A garge or private sale?
If its a garage & you can pay on your card do that. Just get one with 0% on purchases for a few months
If its private sale get a loan. Withdrawing cash from a credit card is very expensive!
|
bieransri
Member
Registered: 13th Apr 06
Location: Kidsgrove, Staffordshire
User status: Offline
|
yes is private sale
|
Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
|
quote:
Originally posted by Nath
0% option on some credit cards, 12 months with Virgin at the moment.
You sure?
|
Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
|
quote:
Originally posted by Matt H
quote:
Originally posted by Nath
0% option on some credit cards, 12 months with Virgin at the moment.
You sure?
It was about 1 month ago.
|
Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
|
quote:
Originally posted by bieransri
yes is private sale
Bank loan then 
Some have a penalty for if you close it early (IE when you sell your car)
Shop around, it can really pay off!
|
Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
|
How can a bank loan be the best bet when most credit cards do 0% on credit transfers?
|
Nath
Member
Registered: 3rd Apr 02
Location: MK
User status: Offline
|
quote:
Originally posted by Jules S
How can a bank loan be the best bet when most credit cards do 0% on credit transfers?
Virgin do 'credit cheques'. No idea how they work or if they incorporate the 0%.
|
Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
|
quote:
Originally posted by Nath
quote:
Originally posted by Jules S
How can a bank loan be the best bet when most credit cards do 0% on credit transfers?
Virgin do 'credit cheques'. No idea how they work or if they incorporate the 0%.
Capital one charge these same as cash withdrawls!
|
Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
|
My mistake (I dont have a credit card BTW...always the best way)
It seems that EGG charge 2.5% on credit transfers in their 'honeymoon' period.
Surely still better than 15%+ on a bank loan?
|
Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
|
Yes but you'd need to withdraw cash & you'll pay about 29% interest on that
Hence why a loan would be a better option
|
Jules S
Premium Member
Registered: 24th Dec 03
User status: Offline
|
quote:
Originally posted by Matt H
Yes but you'd need to withdraw cash & you'll pay about 29% interest on that
Hence why a loan would be a better option
Its always been my understanding (from some mates who play credit cards for a living) that you ring your credit card provider up and request funds are transfered directly into your bank account. Hence 'credit transfer' and the rates they provide.
Im happy to be proved wrong.
|
Matt H
Member
Registered: 11th Sep 01
Location: South Yorkshire
User status: Offline
|
Not sure about that, I just know its a silly rate if you withdrae cash from the machine!
|
BlueCorsa
Member
Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
|
Yeah Jules is right - some credit cards (not all) allow you to do a 'balance transfer' to your current account to 'pay off your overdraft' (just tell them that's what it's for...). That way you get the 0% balance transfer deal (though now most charge a 2% etc. fee).
Egg cards always used to be able to balance transfer to a bank account. Have a look on a site like www.moneysavingexpert.com to see what other cards can be used that way and what is currently recommended on there.
|
