Overdraft to pay for car?

Fonz_2

What opinions do you want exactly? Yes if you have enough of an overdraft you can withdraw that money and use it on whatever you want!

Ostinato

Fonz wrote: »

What opinions do you want exactly? Yes if you have enough of an overdraft you can withdraw that money and use it on whatever you want!

Well basically I was looking for someone who maybe had experience or had done this and just paid it back per month and could maybe give me some advice or something?

Forget it, obviously came to the wrong place.

leveller2911

Ostinato but this Forum is full of people with helpful advice , but TBH in this case you aren't exactly helping yourself...........

Try using some common sense with regards to your own insurance,its not rocket science to be legal.............

Ostinato

I have taken on board all comments about the insurance issue and I can assure you that will be dealt with first thing tomorrow. Does anyone have any helpful advice in regard to the original question though, would be appreciated thanks.

CLAPTON

Ostinato wrote: »

I have taken on board all comments about the insurance issue and I can assure you that will be dealt with first thing tomorrow. Does anyone have any helpful advice in regard to the original question though, would be appreciated thanks.

reread my post

Ostinato

Sorry didn't see that. I have 0% interest on my overdraft, but will be affected by this £1 a day charge.

CLAPTON

reread my post

somethingcorporate

Ostinato wrote: »

Sorry didn't see that. I have 0% interest on my overdraft, but will be affected by this £1 a day charge.

It really depends as to how much you would be looking to use as to whether using the overdraft would be a good deal.

For instance £30 a month (at about a pound a day) would be 36.5% APR on £1000.

The same value would be 12% on £3k (a bit more reasonable).

At a fixed charge like you would receive the more you borrow the better rate you would get (but obviously the more you would have to pay back).

HTH and cudos for taking the insurance warning so seriously.:T

CLAPTON

somethingcorporate wrote: »

It really depends as to how much you would be looking to use as to whether using the overdraft would be a good deal.

For instance £30 a month (at about a pound a day) would be 36.5% APR on £1000.

The same value would be 12% on £3k (a bit more reasonable).

At a fixed charge like you would receive the more you borrow the better rate you would get (but obviously the more you would have to pay back).

HTH and cudos for taking the insurance warning so seriously.:T

well, it depends upon what assumptions you make about repaying the capital

so if e.g. you assume a 1,000 OD that is repaid over 12 months then paying 30 interest per month equates to about 65% APR

not so good...

Ostinato

Okay thanks a lot for the last 2 posts, I guess at times I could be much better off getting out a loan with a fixed rate then as in the long term I would be paying back less.

Thanks.