do i borrow or use savings?

loopy_lass

OK im a bit thick when it comes to money... so ill put this simply...

i need another car, this one is conking out, costing a fortune for one reason & another, using petrol like its going out of fashion, blah blah...

so my dilemma is, do i use some of my savings, and buy a car cash £3k approx, or do i take a loan from where???? and pay it back keeping my savings for an emergency. where is best to go? bank, building soc, credit cards?



i do a 50mile a day drive to work, so need the car...

help?

loops

CLAPTON

in general ..if savings earn less (i.e AER ) than debt (i.e. APR) then use savings.. otherwise borrrow

so usually use savings rather than borow

loopy_lass

savings are only attracting 1% as they are in a low interest account, cant really move them as it needs my partners signature also, and he doesnt know ive added to the amount over the years.... so leaving it in low interest account.... does that make sense? he would spend the lot if he knew

loops

CLAPTON

no idea what your saying

don't really understand why anyone has an a/c paying only 1% or one that requires both to sign
why don't you open a new a/c ?

loopy_lass

cos he will find out and spend it....

its ok, ill withdraw some cash and buy car, tell him i got loan off uncle...

loops

Kavanne

Er sounds like you need to get a savings account in your OWN name!!!