Confused about best way to borrow...

Pillbury

Hi everyone.

I need advice about which way to go about buying a new car.

My current debt:-

Sainsburys Credit Card - £3700 at 5.94% for life (£250 per month)
Egg loan - £8300 at 6.70% (£300 per month)
Egg Card - £0 with £9000 limit.

My credit history is apparently excellent. :j

Just bought a car for £5500.

I have just been given a Sainsburys Loan for a 7.9% 5 year loan of £9000, £183 per month (£50 contract signing charge for courier already paid)

Also Barclaycard have offered me a £10,000 card with 0% balance transfers for 12 months.

I don't need the full £9000 now as the car was a lot cheaper, so should I cancel the loan. Put the car on the Egg Card and then transfer to Barclaycard to get 0% for 12 months and then sort out either another card or loan next year? or will sainsburys let me lower the loan to £6000 over 3 years without charging me more for courier service?

Any advice will be appreciated (Apart from STOP BORROWING MONEY!

SC

thriftymomma

If you are in the cooling off period for your loan, you can write and cancel it I believe. If you don't need it, don't take it!