short term car loan needed quickly !!!!!

griffam

Just wondering if any of you can advise. I have a very sensible son who has just finished at uni and thankfully been fortunate enough to get a fab job, well paid and started two weeks ago. Whislt at uni he has managed to run a ford escort by working bloomin hard at his part time job.

He needs to travel about a 50 mile round trip to work and wouldn't you know it....two weeks in and the car has conked out. Sensible lad that he is has managed to save !!!!!! at uni but his cash is in high interest 60 day account. He however needs to buy a car like ASAP. What do you suggest for best loan that can be cleared once his savings are free with no penalty.....does any one have any suggestions for a quick resolution.......we cannot help as hubby just left work so down to one salary ( fed up paying 10,000) a year child care costs and himself basically working for nothing...even with voucher tax relief....

Any good suggestions folks....

CLAPTON

surely the loss of interest on the 60 day savings account will be less than the interest paid on a 60 day loan?

darich

0% credit card to buy the car then pay the balance with the savings?
any dealers doing 0% finance? (if so make sure they'll accept massive overpayments so the finance can be paid off otherwise you'll be locked into it for a few years)

Agree with Clapton, however, I would have thought a loan designed to be paid back in 60days would be more expensive than the savings penalty. Alternatively a "normal" loan meant to be paid back over 36months for example, but repaid in full will probably cost quite a bit more than the penalty on the savings.

Dave_Z

What about buying a banger for 500 odd quid until he can use the savings money for a good car? You could probably resell the cheap car and not even make a loss if you're lucky.

Little_Miss_Uni-Debt

As folks have said about buying on a credit card - just a thought but don't most cards have a 50/60 day interest free period any ways? So you don't really need a 0% card.

Something just to last the 60 days and then sell on for the same price.

inmypocketnottheirs

Fore go the interest and withdraw from the savings.