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Advice!
malcster_2
Posts: 2 Newbie
New to forum! Would be grateful for any advise. I recently brought a car in a panic from the Carshop (I know!) which is not practical for my needs - far too small & has left me significantly worse off:mad:. I am thinking of part exchanging it for a bigger, but older car & paying off the finance. However, this would mean me putting about £4000 on credit card....& my monthly repayments remaining about the same. (I have tried selling it - but people seem to be put off as I have only had if for a few months)
The APR on the credit card would be less - 6.9% (life of balance transfer job) whereas the car is currently 15%.
I am trying to reduce my monthly payments....so not sure whether this is worth it. My current car also has a warranty - whereas the new one won't..
I just don't know what to do & keep making very poor decisions when it comes to cars - hence why I am now in this mess!
I hope this makes sense....I am rambling...
The APR on the credit card would be less - 6.9% (life of balance transfer job) whereas the car is currently 15%.
I am trying to reduce my monthly payments....so not sure whether this is worth it. My current car also has a warranty - whereas the new one won't..
I just don't know what to do & keep making very poor decisions when it comes to cars - hence why I am now in this mess!
I hope this makes sense....I am rambling...
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Comments
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just initial thoughts, (please dont take them harshly)
why are you worse off other than being more in debt due to buying the car?
why do you need a bigger car?
have you thought that changing to a bigger older car will probably end up costing you more money to run? more petrol, tax, repairs, insurance?
if you keep getting into a mess by buying cars why are you thinking spending ANOTHER £4000 on yet another car?
sorry just my inital thoughts when i have read the threadDrop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
oh and just out of interest what car have you just brought and what car are you thinking of buying?Drop a brand challenge
on a £100 shop you might on average get 70 items save
10p per product = £7 a week ~ £28 a month
20p per product = £14 a week ~ £56 a month
30p per product = £21 a week ~ £84 a month (or in other words one weeks shoping at the new price)0 -
The APR on the credit card would be less - 6.9% (life of balance transfer job) whereas the car is currently 15%
You may find 6.9% is a CC to CC balance transfer, not a hire purchase to CC transfer.
I am terrible with cars, so won't give any advice in that area.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
DarkConvict wrote: »You may find 6.9% is a CC to CC balance transfer, not a hire purchase to CC transfer.
I am terrible with cars, so won't give any advice in that area.
Yes agree with DC here, you would have to pay for the new car with this card which would essentially be a purchase transaction on your CC rather than a life of balance transfer, this means you would pay a different interest rate on that, probably there standard rate which will be around 18-22% I should imagine? more than you are paying currently?Aug GC £63.23/£200, Total Savings £00 -
Thanks for the replies....I wouldn't be spending another £4000, that's how much I would have to pay to clear off the finance - so not adding anymore - infact reducing it slightly. Incidentally - I am talking about going from an Aygo to a Polo - so not too dramatic...but the Polo has a bigger boot which I need. I also do a lot of motorway driving & the one litre engine is like going along in a wheelbarrow...
As for the CC transfer - that;s what it would be - I would pay the finance off on credit card & then transfer this balance to another CC which has the 6.9% balance for life..
Phew....0 -
Ah, but can youAs for the CC transfer - that;s what it would be - I would pay the finance off on credit card & then transfer this balance to another CC which has the 6.9% balance for life..
You may not be able to pay your finance on a credit card, to then later transfer the balance to another card. Transfers generally have a 1-3% fee too.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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