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Loan advice - Gap loan to buy car???
Hi,
I need some advice on loans. I am currently trying to sell my car with no luck. What I am thinking of doing is taking out a loan to pay for the new car then paying it off as soon as I sell my car. Are there any loans out which would be good for this where I will not have to pay loads of interest, I was to pay as close to the loan amount as possible.
Many Thanks,
Rik
I need some advice on loans. I am currently trying to sell my car with no luck. What I am thinking of doing is taking out a loan to pay for the new car then paying it off as soon as I sell my car. Are there any loans out which would be good for this where I will not have to pay loads of interest, I was to pay as close to the loan amount as possible.
Many Thanks,
Rik
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Comments
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rik_t wrote:Hi,
I need some advice on loans. I am currently trying to sell my car with no luck. What I am thinking of doing is taking out a loan to pay for the new car then paying it off as soon as I sell my car. Are there any loans out which would be good for this where I will not have to pay loads of interest, I was to pay as close to the loan amount as possible.
Many Thanks,
Rik
Probably a 0% credit card with a balance transfer facility into a current account.
Are you 100% sure that what you'll get for the car you're selling will cover what you're spending on the one you're buying? Why not sell it first and then you know what the budget is?0 -
I am pretty sure the car sale will cover the loan, I am going to pay the difference myself. I need to do this now to secure the new car, otherwise I will loose it as the lady gave me two weeks to sell mine before she readvertises.
What is the maximum I can put on a 0% balance transfer?0 -
If your car isn't selling then it is probably priced too high. Sorry.0
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rik_t wrote:I am pretty sure the car sale will cover the loan, I am going to pay the difference myself. I need to do this now to secure the new car, otherwise I will loose it as the lady gave me two weeks to sell mine before she readvertises.
What is the maximum I can put on a 0% balance transfer?
Usually it's about 90 to 95% of the credit limit. Sometimes it's the credit limit less £100.0 -
i think northern rock are at 5.8 at the moment and with no early settlement charge/set up fees i think that would be your best bet.
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westernpromise wrote:Usually it's about 90 to 95% of the credit limit. Sometimes it's the credit limit less £100.
it depends on your credit limitDebt at highest (april 2005) £19000
Current Debt (september 2006) £7600
Mortgage Pig = £31.43 and we move in on Friday (6/10/06)
:j £2 savings = £22 started 1/9/060
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