Small car loan required....

barnetbarnet

Hi
I'm in full time work with good pay but with not much savings.
I'm looking into buying a car privately around the £6k mark. As I can't P-X my car and also need it for work I have to sell my car after buying the new one.
So I'm looking for a 4k loan - to buy the new car with, but one I can pay the 2-3k (value of old car) about a week afterbuying the new car.
I thought about credit cards but am not keen on withdrawing 4k cash on it......any ideas??

Thanks!
Mark

zppp

barnetbarnet wrote: »

Hi
I'm in full time work with good pay but with not much savings.
I'm looking into buying a car privately around the £6k mark. As I can't P-X my car and also need it for work I have to sell my car after buying the new one.
So I'm looking for a 4k loan - to buy the new car with, but one I can pay the 2-3k (value of old car) about a week afterbuying the new car.
I thought about credit cards but am not keen on withdrawing 4k cash on it......any ideas??

Thanks!
Mark

You would be better if using a credit card to make a purchase as opposed to a cash withdrawal, as they are well known for being very expensive.

PNPSUKNET

you will have at least x3 months intrest normaly

CLAPTON

you have a good income
you have a car
save some money first then spend

barnetbarnet

Thanks for the comments but as its a private sale - it has to be cash (no cards).
Still no closer to deciding what to do....

Save and then spend - well, its not that easy. I'm only able to save £200/month so I guess I'd have to wait another 18months before I save to the amount required and by that time my current car will lose value so I'd have to save abit more. And if my wife finds those savings she'll want them for something.

Looked at a Halifax Personal Loan and the APR was 20-25% (£4k/36months) which I thought was rather high???

Thanks

barnetbarnet

I thought about this further when driving home last night and one way around it could be to sell my current car so it sells during my summer leave (in 6weeks). This will give me a few weeks to clean, polish it, value it and advertise it properly.
This would give me slightly more saving time, and with the cash from my car sale I would only be looking at borrowing around £500-£750,:j which could be 'borrowed' from my overdraft at the rate of '£1/day repay rate (I need to confirm this) - which would probably take about 2months (60days = £60) to completly clear and get me back in the black.

Your thoughts....
It may sound stupid or silly but I'd rather someone said it is/was now, before I commit myself without thinking it through.

Of course, the car I have my eye on will have sold by then!!!!!:(:j

Fiddlestick

Why do you need a £6,000 car?

Can you not get one cheaper?