Help needed!!!

Lindylooo

Just new to the forum and thought I would be brave and ask my first question :embarasse

I am looking at getting a loan for £6,000 (purchase a car) hopefully pay it off in 3 years time (36 months)
Would a loan be better than a credit card or would I be best to get a loan from whoever and transfer the balance onto a credit card with 0% interest?

I won't be able to pay of the loan within the year but did think about transfering the balance left on the credit card onto another credit card that had a 0% interest term.

Is this is a good idea or am I not being realistic? Any advice would be appreciated.

Thank you

opinions4u

I won't be able to pay of the loan within the year but did think about transfering the balance left on the credit card onto another credit card that had a 0% interest term.

What if you can't get another 0% credit card? You could end up paying an ever increasing variable rate on the credit card. Assumng the loan rate is competitive, I'd stick with the loan idea.

Lindylooo

opinions4u wrote: »

What if you can't get another 0% credit card? You could end up paying an ever increasing variable rate on the credit card. Assumng the loan rate is competitive, I'd stick with the loan idea.

Thanks for the advice.

Think I will have a look at what loans are available at the best deals.

[Deleted User]

You may get a better rate on a loan of 7.5k than 6k

mel12

Could you transfer part of it- as much as u can pay off before the 0% rate ends to save a bit of interest?

chesky369

Try your own bank first and don't make too many formal applications to different banks - they will show on your credit report and make you look desperate.