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A bit of advice please...
mintymoneysaver
Posts: 3,527 Forumite
in Loans
We need to buy a new car ASAP.
I have £1500 in an ISA I can get at immediately, husband has just over £3000 in a fixed rate ISA which can't be touched till April, and our car is probably worth around £1500, so hoping to get something for aROUND £6500
Tell me if this sounds good to you....
Apply to egg for a £5000 flexible loan over 2 years at £250ish a month ( can easily pay this) then in April balance to pay would be less that £4500 which we could then use the ISA'S TO pay off?
Didn't want a loan at all really but cannot get at the ISA till April and need the money now!
I could get a smaller loan, and use my cash but then I think the interest rate would be higher? Also could do it over a shorter period of time but that seems irrelevant when I'm paying it all off in April anyway?
Any comments or suggestions gratefully received....
I have £1500 in an ISA I can get at immediately, husband has just over £3000 in a fixed rate ISA which can't be touched till April, and our car is probably worth around £1500, so hoping to get something for aROUND £6500
Tell me if this sounds good to you....
Apply to egg for a £5000 flexible loan over 2 years at £250ish a month ( can easily pay this) then in April balance to pay would be less that £4500 which we could then use the ISA'S TO pay off?
Didn't want a loan at all really but cannot get at the ISA till April and need the money now!
I could get a smaller loan, and use my cash but then I think the interest rate would be higher? Also could do it over a shorter period of time but that seems irrelevant when I'm paying it all off in April anyway?
Any comments or suggestions gratefully received....
0
Comments
-
Could you get a 0% credit card with a 6 or 9 month balance transfer rate and Super balance transfer the funds to your bank? This would get you a interest free loan until you can get your ISA funds. Maybe a 2 - 3% fee but probably cheaper than the loan?
Have an ask on the credit card boards as loads of clued up people on there. Yorkshire Boy springs to mind.I have a cunning plan!
Proud to be dealing with my debts.0
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