Loan or credit card for car purchase?

marc5180

Hi all,
I'm looking at buying a new car around the 10k mark but I'm unsure of the best way to go about it.

I have around 3k to put towards the car so I would only need a 7k loan over 2/3 years.

The best loans I can see are sainsburys at 6.8% if I borrow £7501 but I'd like to use 2 credit cards to try and achieve it and obviously pay less interest.

I've notice Barclays are doing a 0% for 20 months on balance transfers but does this include transferring the money straight in to my current account which I could then buy the car.

I realise there would be a 3% fee but this looks like a better deal than a loan if indeed I am able to get 2 credit cards company to agree to give me credit.

Does anyone have any advice

[Deleted User]

3k will get you a decent car,why borrow and have upto 5 years of payments?

marc5180

3k will get me a decent car?? I doubt that very much.

I've just sold an expensive Audi that I've had from new ( 2 years old) in order to downgrade and put an extra £200 towards my mortgage as overpayments and still being able to afford a 10k car.

It would make more sense to buy a 3k car but how old would it be and how much work would it need. I plan on buying a nearly new car with a warranty

drbesty

£3k will get you a decent car, if you think otherwise you havent looked hard enough

Saints2011

To your question though have you checked out Zopa loans ?

NeverEnough

Here we go again - the OP didn't ask for advice about lifestyle or choice of car - he/she asked for advice on the financing of the balance of a £10K loan. Why do these threads always degenerate into a slagging match about how posters should all be driving rubbish bucket-type cheapies? Some people WANT to drive a £10K car - that's not exactly expensive for a car in any event!! Yes, end-of-the-road bangers are out there and are useful to many and obviously a lot of posters on here feel that is all they want, but the CHOICE is that of the individual!!

Answer the question, don't try to act as a lifestyle guru!!!! If the OP wants a £10K car and can finance it, then that's his/her business!!!!!:eek:

neild7744

alright mate,

apply for credit cards (or if you already have some) make a purchase and buy the car. Then apply for Barclaycard 0% 20 months and balance transfer from the cards used to initially buy the motor.

I did this for my girlfriends car, worked a treat. Used 2 old credit cards and split the payment (as i didnt have enough credit on one) then transferred it to a 0% card.

I think if you are dedicated you can always switch credit cards and use them to your advantage so you dont have to pay any interest. Although as you mention, a low interest loan over a short period of time maybe worth considering aswell.

Saints2011

NeverEnough wrote: »

Here we go again - the OP didn't ask for advice about lifestyle or choice of car - he/she asked for advice on the financing of the balance of a £10K loan. Why do these threads always degenerate into a slagging match about how posters should all be driving rubbish bucket-type cheapies? Some people WANT to drive a £10K car - that's not exactly expensive for a car in any event!! Yes, end-of-the-road bangers are out there and are useful to many and obviously a lot of posters on here feel that is all they want, but the CHOICE is that of the individual!!

Answer the question, don't try to act as a lifestyle guru!!!! If the OP wants a £10K car and can finance it, then that's his/her business!!!!!:eek:

Agree :T good luck what car are you after ?

drbesty

Fair enough, he should use the proceeds from the sale of his expensive Audi, problem solved

marc5180

KirbyBirch wrote: »

To your question though have you checked out Zoopla loans ?

Hi, no I haven't heard of zoopla loans but I will have a look thanks.

Saints2011

Zopa I mean sorry just had a quick look for you, £7k at 36months 6.9% fixed £219.14per month,