Small loan advice - 2nd car

Blondie23

Hi Everyone,

I am a newbie to moneysavingexpert and would like some advice please.

I am 23 years old, live with my boyfriend and have my own mortgage. We have 1 car but we are now looking to purchase a small cheap car as my boyfriend has found a new permanent job after over a year of searching.

His new job is based on a industrial estate and there is no buses that go there from our village hence the reason we really need a 2nd car. We are looking for a small loan of about £1000 and wondering what our options are.

I have got a interest free credit card for emergencies which currently has nothing on it. He has seen a few cars but they are private so that rules out us using the credit card to purchase them as I believe its really expensive to withdraw cash from a credit card? There is some equity left on my mortgage but it's only about £800 and I would rather not take out more money on mortgage.

Is there anywhere we could get a loan for £1000 to be paid back in under 6 months?

Any help would be appreciated.

Thank you

RichGold

Buy a bicycle. Save. Then buy a car,
Working for what you want is always the best way.

paddyrg

How about asking the new job if they can do a wage advance of a couple of hundred notes for a banger to last 6 months whilst you save up? You can find card which are guaranteed MOT failures with a few months of life left for a couple of hundred quid, and get half that back (or more) by driving it to the scrap yard when it runs out.

KingElvis

I'd go cheap as I could on this until his probation period has been passed....then maybe get something better.

Blondie23

Sorry I should have said the shifts he is doing is backshift and nightshift so I'm not really keen on him riding a bike on a non lit busy dual carriageway - there is no bike paths on it - which is stupid as he probably would cycle as he loves cylcing.

KingElvis

Biking on that road would be a recipe for death I'd imagine not to mention probably against the law.

CLAPTON

well

can you get an overdraft?

you could use the CC for everyday essential purchases and save the money up for a cheap car

although withdrawing cash on the card is expensive this may be a last resort if you can clear the debt within 6 months (eg 1000 at say 30% APR over six mouths will cost about £150 in interest )

however do remember that cars need insurance and tax and MOTs and petrol etc so you need to budget those as well.

poppasmurf_bewdley

paddyrg wrote: »

How about asking the new job if they can do a wage advance of a couple of hundred notes for a banger to last 6 months whilst you save up? You can find card which are guaranteed MOT failures with a few months of life left for a couple of hundred quid, and get half that back (or more) by driving it to the scrap yard when it runs out.

Good advice on the car. Many years ago, I paid £65 for a wreck of a Metro with 3 months left on the MOT and tax. It used to run hot every so often but nothing serious and after four months I traded it in as full deposit on a much younger car.

Do you have a Freecycle site in your area? A wanted ad on there may produce a car for free.

katsu

You could try a local credit union.

We bought a £500 car, ran it for about 3 years, scraped it for around £100 at the end.

blacksta

katsu wrote: »

You could try a local credit union.

We bought a £500 car, ran it for about 3 years, scraped it for around £100 at the end.

Super saver .