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Cheap long term loan or balance transfer?
bj007_2
Posts: 2 Newbie
in Credit cards
Hi
Im new to this site, so i really hope someone can help me out!
i have a loan with egg for £6000, Im paying off £300 every month on this in order to clear it in 24 months.
I have done a little bit of research and it seem that i could get a cheaper deal else where. my main aim is to clear teh debt quickly, and if possible reduce teh monthly paymenst as in the current climate i am finding it difficult to make these. ideal would be 250 a month.
my question is, what would be better:
1. go for a 0% balance transfer on a card
2. opt for another loan at a cheaper rate
would i be able to get a bt for 6k? i quite like the idea of having the flexibilty of a credit card. i am unsure of my credit rating now, as it has been good in teh past, howver i have taken a agreed payment break for this loand , will this affect my score?
any help or advice would be much appreciated.
thanks
Im new to this site, so i really hope someone can help me out!
i have a loan with egg for £6000, Im paying off £300 every month on this in order to clear it in 24 months.
I have done a little bit of research and it seem that i could get a cheaper deal else where. my main aim is to clear teh debt quickly, and if possible reduce teh monthly paymenst as in the current climate i am finding it difficult to make these. ideal would be 250 a month.
my question is, what would be better:
1. go for a 0% balance transfer on a card
2. opt for another loan at a cheaper rate
would i be able to get a bt for 6k? i quite like the idea of having the flexibilty of a credit card. i am unsure of my credit rating now, as it has been good in teh past, howver i have taken a agreed payment break for this loand , will this affect my score?
any help or advice would be much appreciated.
thanks
0
Comments
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I'm considering the same thing.I got sent an offer of 7.9% life of balance,cheques by Virgin and was trying to work out wether it would be just as cheap and as easy using these as getting a loan or keep balance transfering.Anyone know what the minimum payment for 5k is on Virgin.I don't have anything on that card at the moment so I don't know what the repayments are.0
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