£4k to pay off... struggling...!

em2evol

Hi everyone.

In Dec 2008 I took out a loan to buy a new car... It was a 3 year loan at 9.6%... I've got no other loans and take good care of my money... But I am struggling to cope with paying every month. I've managed to get it down to £4k by paying off as much extra as I could whenever I made a bit of money but every month I am left with nothing for myself... Stupid I know - I should never have bought the car! But to get to the point - is there any way I could do a balance transfer on one of the cards that offer 0% for however many months? I would continue to pay off as much as I could but at least I would not be paying the interest on top of it. Not sure if it's possible to do that with a loan...?
Any help is much appreciated, many thanks.

corbyboy

What are your monthly payments? Is there a particular reason you are struggling now?

Some credit cards will let you do a transfer of money into your bank account which you can use, but there is a fee and you will be paying interest. Paying interest on your credit card on top of the interest paid on the loan probably isn't the best idea.

Could this be solved with budgeting better or is there some other issue here?

em2evol

I pay £380 a month... Simple solution would of course be to sell my car but I love it too much and can just about survive... But if there's no other way to reduce payments then I will just have to deal with it I suppose! Thanks for your reply.

MFWannabe

The best card to apply for would be one like the Virgin Credit Card; 0% for approx 12 months although there will be a balance transfer fee; but this card does allow you to transfer money into your current account to enable you to pay off the loan. A lot of cards don't let you do this.
That's if you can get one of these cards; but there's no harm in applying as the worst that can happen is you won't be accepted