Need cash to buy a car- what's best?

emtiem

I'm about to buy a car and need about £4300 to make up the full amount; some loans aren't too bad (the Poga ones are decent) but I like the look of credit cards like the M&S 0% one; however if I'm approved for it it'll take another 2 weeks to come through and the car dealer wants his cash sooner. Is there a quick way to do it?
I was thinking I could borrow the money in the short term until the card turns up from a family member (who have offered) and then pay it back with the credit card, however the 0% is only on purchases so withdrawing cash won't work for that.

Do I have to beat the dealer down and get him to wait? Bit concerned that I may not even get the credit limit I need after all that time.

paddyrg

Do not rush things. The vendor wants your money of course, the sooner the better, but if you turn up in 2 weeks for the same car, he won't suddenly turn you away, and if the car sells in the meantime, there are plenty of others.

A 0% card is 0% in a few very limited circumstances, and 20+% interest in most others. The vendor would have to accept the payment on a card, you would need that much available credit, etc - the odds are reducing as to thether that'll work as a plan. Cash advances are so expensive you would be mad to take them.

Instead, sort out your finance at leisure then look for a car you can comfortably afford. Or that would be my suggestion at least - too many ways for things to go wrong the other way round - could leave you with a big debt AND no car!!

emtiem

Thanks for the reply. As far as I can work out the M&S card does generally seem to give most a limit of £4K at the least (except in a few cases) and I shouldn't be too exceptional. The vendor will take a credit card (although with a 3% fee, but that's still a better deal than loans) but he's just itching for the money now.