Cheapest way to lend £2000?

deefadog

Hi, I need to lend £2000 as a part payment on a car (as i have the rest).

I have compared the markets and Zopa came out the best with a cost of £126 on the £2000 loan over 2 years.

I have reduced this by - If i purchased the car from a forecourt uisng my egg card for the £2000, 2.5% fee on this and then transfering it to the HSBC card 2% fee, so for 14 months interset free it will cost me £91.

Is this the best way? or is there another cheapwer way.

Also is it true now that the law states that you can repay the full amount of any law at any time?

Thanks

rjm2k1

The word is Borrow, not Lend..

Be careful with balance transfers, you normally have to make the minimum payment, even in the interest free period.

deefadog

What's the differnence between Borrow & Lend then?

pknottm

You lend someone some money...they borrow it from you!

It's very costly to lend money if you don't get it back!!