Very Short term loan

Nytehawk

I am looking for a short term (2 weeks max) loan to cover the purchase of a car while the cheque for my current car is cleared. The loan is for £10250, is there any way this can be achieved in days rather than a week

rsykes2000

You are accepting a cheque in payment for your old car ? Why not a bankers draft, or investigate paying whatever fee your bank charges for express clearance - any fee they charge is likely to be less than the cost and hassle of setting up a loan ?

nomoneytoday

Credit card?

Mikeyorks

rsykes2000 wrote:

You are accepting a cheque in payment for your old car ? Why not a bankers draft

Which is fine .. provided they don't let go of the car until the cheque is fully cleared? A Bankers Draft is equally treated as a cheque - and takes the same clearance time.

Nytehawk

Mikeyorks wrote:

Which is fine .. provided they don't let go of the car until the cheque is fully cleared? A Bankers Draft is equally treated as a cheque - and takes the same clearance time.

That's an interesting comment. We are always told not to release goods until we are sure that the cheque has been properly cleared, however I would guess that the dealer (franchised) would simply pull the plug on the deal he is offering for my car.

(Quote=NoMoneytoday) I have already put a deposit down by cc which they are charging 2.3% for the privilege so heavens knows what they would charge for the whole £10250, though it is in my own mind

Mikeyorks

mazdamansport wrote:

I would guess that the dealer (franchised) would simply pull the plug on the deal he is offering for my car.

Relatively unusual to be selling into a franchised dealer ... but buying elsewhere! Didn't read that into the OP. And you're right they would expect the cheque / logbook handover to be synchronous.

In which case you have to take their local reputation into account .. or ask for cash .. CHAPS?

As a bridge in this case - I'd approach my Bank for an agreed overdraft or use the CC?

Nytehawk

Mikeyorks wrote:

Relatively unusual to be selling into a franchised dealer ... but buying elsewhere! Didn't read that into the OP. And you're right they would expect the cheque / logbook handover to be synchronous.

In which case you have to take their local reputation into account .. or ask for cash .. CHAPS?

As a bridge in this case - I'd approach my Bank for an agreed overdraft or use the CC?

Thanks for your help Mike, Didn't want to mislead on the OP but understand your comment. The broker who arranged the sale of my car had to find the best deal taking into account my budget. The dealer couldn't match the best offer and offered some £750 less (quite routine I expect) and that's why two different (Franchised Honda/Mazda) dealers are involved. A bit of a pain from my travelling point of view.........

regularsaver1

special clearance for the cheque?

jonesMUFCforever

special clearance of a cheque does not give you cleared funds any sooner than if cheque had gone through clearing cycle.

Nytehawk

ejones999 wrote:

special clearance of a cheque does not give you cleared funds any sooner than if cheque had gone through clearing cycle.

Thanks for that so any ideas.......... I receive a cheque for my car at 9.30am and want to collect my new car at 2.30pm. The cheque is a major part of the payment for new car. Is there a reasonably inexpensive way to do it or am I asking too much

regularsaver1

yes but special clearance confirms that is is payed - relies on post though