12k wanted

Pete.g

Hi I'm looking to borrow 12k. I already have a loan which has 6k left on it. What I shall be doing is taking 12k and paying off the other loan leaving me with 6k and 3k savings to get myself a new car.

Is this the best way of going about this? and where do I get the best rate? I would be taking the loan over 4 or 5 yrs and am happy to have a payment balloon at the end of say the 4th or 3rd year as I am eligible to cash shares in in 2007.

Thanks,

Pete.

mummytofour

OOPS totally mis read what you wrote :xmassign:

Pete.g

Think i'm going to go for the 12k and pay off my existing loan if nobody comes up with a better solution by the end of the day.

Am I making the right decision?

Thanks,

Pete.

jimclark1967

Pete.g wrote:

Am I making the right decision?

This depends on how much you need a £9k car right now...

I wouldn't do it myself but since you're asking "how" rather than "should I" then yes, the way you outline is a good way of going about what you want to achieve, assuming the interest rate on the loan is competitive.

hope it's a nice car :xmassmile

JC