finance options for buying a car

longwalks1

currently have a car worth around £7000 but need to get something bigger and newer and need another £8000 to put towards it if we trade car in, what options to cover the extra we need do i have?

loan - dont really want to as cleared all my loans off years ago and it feels great not owing

credit cards? - is there a way of doing it with CC's, and using the 0% balance transfer fiddle a couple of times?

any other options ive forgot?

many thanks in advance

zppp

britishboy wrote: »

currently have a car worth around £7000 but need to get something bigger and newer and need another £8000 to put towards it if we trade car in, what options to cover the extra we need do i have?

loan - dont really want to as cleared all my loans off years ago and it feels great not owing

credit cards? - is there a way of doing it with CC's, and using the 0% balance transfer fiddle a couple of times?

any other options ive forgot?

many thanks in advance

Apart from what you have stated the other option is to save up for the extra funds over the next few months.

Tixy

£8k is quite a lot to be thinking of getting from super balance transfer cards, and depending on how quickly you can pay back you would need to be moving the debt a good few times, which is getting generally harder.

Obviously its difficult to advise without knowing more about your situation but think this would be more suited to a loan.

Think it would only really work with a card if you wanted far less than you state above.

You state it feels great not owing but you will owe money however you borrow it.

CLAPTON

in what way is a loan on a credit card different from a simply loan except that normally CC debts are more expensive overall ?

shampa

Its not easy to suggest for better a finance provider.To buy a car there are multiple finance providers. so the finance terms & conditions are different for each finance supplier.As you use the buyacar website, you'll find example monthly PCP figures shown alongside the cost of the vehicles. For more information on the finance options on particular vehicles, select the vehicle you are interested in and follow the finance links from the resulting pages. There you'll be able to choose different types of finance and vary your options until you determine the finance that's right for you.

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longwalks1

Thanks people

I will be able to pay back £700 pcm so would only take a year to clear, so was thinking i could do it all on one cc hopefully, failing that it may just run over onto a 2nd card..

My situation Tixy is as follows:

salary £45k
rent spare room for £350 pcm
no loans
no cc's (except 1 i use and clear every month for day to day stuff)
home owner (with mortgage)
no defaults, ccj's or bad credit
same bank since i was 16 (now 33, no defaults)

Was thinking i could either get an interest free on purchases cc for 12 months (if they do such a card) and put it on that, or put it on my day to day cc (£14k limit) and then transfer it to a 0% BT (apply for it before buying the car)

your thoughts?

Thanks for your help and advice

PNPSUKNET

britishboy wrote: »

Thanks people

I will be able to pay back £700 pcm so would only take a year to clear, so was thinking i could do it all on one cc hopefully, failing that it may just run over onto a 2nd card..

My situation Tixy is as follows:

salary £45k
rent spare room for £350 pcm
no loans
no cc's (except 1 i use and clear every month for day to day stuff)
home owner (with mortgage)
no defaults, ccj's or bad credit
same bank since i was 16 (now 33, no defaults)

Was thinking i could either get an interest free on purchases cc for 12 months (if they do such a card) and put it on that, or put it on my day to day cc (£14k limit) and then transfer it to a 0% BT (apply for it before buying the car)

your thoughts?

Thanks for your help and advice

One thing to mention, dealers sometimes charge 3% transaction fee for credit cards

bouncydog1

There are interest free purchase cards around - depends on what limit you are likely to get though.

I recently applied for an MBNA card - accepted immediately and given £12.5k limit - but I suppose it will depend on your credit history (you need to have a history rather than no debt I think).

longwalks1

Cheers PNPSUKNEt, thought that was the case I guess i could always try and get them to waiver the fee for a sale? Just noticed the Tesco 0% for 12 months on urchases card, going to look into that too

Silly question but i'm guessing theres no easy way to get cash with very little interest charges to try for a cash deal?

Thanks again everyone

longwalks1

cheers bouncydog, just cleared my debts this month, but the last 15 years have always had loans or cards (most interest free balances - when ones cleared, spned again and reduce the debt over the months) so got quite a bit of activity and history, but thankfully no adverse credit

Tixy

britishboy wrote: »

Cheers PNPSUKNEt, thought that was the case I guess i could always try and get them to waiver the fee for a sale? Just noticed the Tesco 0% for 12 months on urchases card, going to look into that too

Silly question but i'm guessing theres no easy way to get cash with very little interest charges to try for a cash deal?

Thanks again everyone

Assuming you could get a card with a high enough limit.

If you get an egg super balance transfer card it will cost 3% to transfer the money to your current account, so you would then have cash and have 13months to pay it off with no extra charges/interest.

If you get a regular card you'll pay 2.5%-3% in fees charged by the dealer.

So the cost would be similar. Of course if you have the cash you might get a better deal or have the option to buy privately.