Best way to buy a cheap 2nd hand car??

Josephine1405

Hi,

My car has just given up the ghost and is not worth fixing- or not paying for it anyway! Need a new car asap but wondering the best way to finanace this.

I would be looking to spend a max of £3000, and would want to pay it back over 2 years realistically. I have looked at interest free purchase credit cards like the Tesco one available at the moment and this looks like a good option if I can pay £125 per month and transfer the balance at the end of the 0% term. It also gives me the flexibility to pay it off quicker if I can do which I like the idea of.

Just wanted some advice really as new to credit cards and don't want to make a stupid mistake that will end up costing me long term.

TonyMMM

May depend on where you are thinking of buying from - obviously a private buyer is not going to take a credit card, and many car dealers won't either (charges they have to pay are too high). If you take the money from the card as a "cash advance" you may find the 0% no longer applies ....check the T&Cs for any card very carefully.

If your credit history is OK, I would look for a personal loan (check your own bank 1st) to get the money, which then allows you to go out and find the car as a "cash buyer".

bryanbukowski

I've seen quite a few good deals from the big car dealers. For example I know Mazda were doing 0% on many of their new models & can actually part exchange later down the line if you happen to pick the wrong model! (as I did!)

They usually manage to roll out such deals to their 2nd hand cars as well. Yes you'll pay a premium for going to a 'highstreet' dealer though if you can get a 0% deal then you could benefit from a better service and peace of mind.

B

Josephine1405

Thanks Guys. :-)

Rob71

How about an mbna/virgin card with 0% for 12/15(?) months - do a money transfer, and you have cash in your account (so you can still be a cash buyer).

When the rate runs out, transfer the balance to tescos or whoever is offering a decent deal.

1% minimum repayment, so "save" the rest to ensure you pay in the 2 years.

saverseaman

Take a loan out, you don't have to pay it back.