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Short term loan - until we sell car?

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Thom
Thom Posts: 33 Forumite
Hi guys n gals

We currently have a car worth 6k and in a week or so we plan on selling it.

On Saturday we are going to see a car for 3.5k... (this car wont be there long)

What I want to know is how do I get hold of 3.5k before we sell the car for 6k...?

It may only take 2 week sto sell the car and then I could pay it back? Can this be done craftely on a credit card or do you think I should go see my bank and ask for them to extend my overdraft for 6weeks or something?

Help greatfully appreciated
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Comments

  • Could try the bank but may charge a high interest rate, the credit card may be a better option depending on who you have it with and how much your credit limit is as well as you current APR could be an option to transfer it into a current account.

    Ideally you would need a card with about a 4k limit on a 0% promotional rate (that doesn't end in the next 2 weeks) that allows you to do a Super Balance Transfer (i.e. one into a current account).

    Hope that helps.
    2p off is still 2p off!
  • Thom
    Thom Posts: 33 Forumite
    Ive currently got a Barclay Card on promo offer until may?

    Can I do it with this card? The limit is enough for me to get the car?

    Ta
  • Is it 0% on purchases of balance transfers? Don't think Barclaycard is one of the cards that you can do a balance transfer to a current account with - but I may be wrong.
    2p off is still 2p off!
  • Thom
    Thom Posts: 33 Forumite
    I have both an egg and a Barclay card

    Ive just looked on my egg account and I can do it on the net... Any ideas if I will be charged for this service? presuming I pay it back before the interest period ends?

    many thanks
  • If you're on your 0% period with Egg on balance transfers (if you're unsure you could send a secure message to them, normally respond within 24 hours) you can transfer money online to your current account (I did this myself yesterday!) and you won't be charged (incur any interest) as long as you pay it back within your 0% period. There is no other charges with Egg SBT as opposed to MBNA who charge 2% or £50.

    Does that make sense? Let me know if you need anymore help.
    2p off is still 2p off!
  • Thom
    Thom Posts: 33 Forumite
    I have just found out my 0% on balance transfers ran out in January.

    Therefore how much would it cost me to swap 3k into my current account for 2 weeks? At an APR of 14.9%?

    I just phoned Egg and they wouldnt work it out for me... and the girl I spoke to had no idea...
  • I'm getting about £18.63, but not sure if this is right! But basically 14.9% of 3k is £447 which works out at £18.63 for two weeks but not 100% I've done it right, think I have.

    Could try asking them if they will do a special balance transfer rate, some people did get an e-mail about this offering either 3.9% or 1.9% I got an offer of the latter. Worth asking, people on the credit card board have asked before and got a low rate, don't tell them it's for 2 weeks though just say you need it for a car purchase.
    2p off is still 2p off!
  • Thom
    Thom Posts: 33 Forumite
    Cheers,

    Ive just sent them a message asking if they can extend my balance transfer 0% period for any longer otherwise I may have to close the account and settle the balance...

    We'll see what they say

    Many thanks
  • Ah, wait, have you got a balance on your egg? Because if you do a balance transfer to it any payments will pay off the earliest transactions, that's how credit card companies make their £$£$. So any promotional balance transfer will become more expensive, don't know how much difference it will make considering you will pay it back off in 2 weeks, but worth thinking about.
    2p off is still 2p off!
  • Thom
    Thom Posts: 33 Forumite
    hmmm. Not entirely sure what you mean

    I have £411 balance on the egg card but have enough in a savings account to pay that off. AT the mo Im making money from my debt if you know what I mean...

    Would it be a good idea to settle the balance before doing the balance transfer?
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