Borrowing for vehicle

benj250

Hi Guys -
My first post here so apologies if this has already been discussed although I do hope you appreciate that the topic I am querying changed on a daily basis.

I have purchased a vehicle for £41,500 and have available £35,000 cash and wanted to finance the remaining amount over a 1 year - 18 month period.

I wanted to know what my best options were having never borrowed before...
- A bank loan
- Vehicle finance
- A credit card paying off monthly

Sorry for the drivel but I did feel that this would be my best resource for impartial advice.

Thanks!
Ben

mcjordi

bank loan would be cheapest i would of thought.. unless you can get a 0% credit card for the remaing 6k BUT a car dealer would add on a % charge for using a credit card (2% rings a bell ) so you would need a 7k credit card.

if you can get a credit card with that limit on a 0% deal and pay it off well inside the 6/12/18 months they offer then that would ultimatley be cheapest (a cash back credit card would be best as it would offset some of the fee charged to use the card at the dealer)

meer53

If you've never borrowed before you might struggle with all of these options. Depends on many things, how old you are, your salary, whether you're on the electoral roll, etc. Have you actually bought the car without having the full amount in place ?