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do i borrow or use savings?

loopy_lass
loopy_lass Posts: 1,551 Forumite
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
THE CHAINS OF HABIT ARE TOO WEAK TO BE FELT UNTIL THEY ARE TOO STRONG TO BE BROKEN... :A

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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
  • 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
    THE CHAINS OF HABIT ARE TOO WEAK TO BE FELT UNTIL THEY ARE TOO STRONG TO BE BROKEN... :A
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    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 ?
  • 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
    THE CHAINS OF HABIT ARE TOO WEAK TO BE FELT UNTIL THEY ARE TOO STRONG TO BE BROKEN... :A
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    Er sounds like you need to get a savings account in your OWN name!!!
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

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