Best way to borrow around 4k

freeman22

Hope this isn't a biff question, but I would appreciate some advice........

We have just been informed that it is unlikely that our car will pass its MOT (due July) due to the rot/corrosion of the subframe. We need to purchase another vehicle & are currently looking at vehicles around the 4k mark. Question is, how is the best way to go about it? We have 7.5k in savings (in a 3% ISA) but are reluctant to dip into this as these days you need a safety net in case of redundancies, other emergencies etc.

I am tempted to get a 0% interest credit card with a long period on it to purchase the vehicle & make a effort to put as much money as possible aside in the interim period. I am quite disciplined when it comes to money, we only owe the mortgage but don't have a lot left over these days after all our outgoings!

I have never had a loan before so hence my ignorance of what is out there & would it be daft to take out a loan if I can pay for the car with savings?

Think I just need some perspective?

justjohn

0% card is cheapest option if credit rating is good, we had to do same as you last month for 6k for new car....bummer

just clear it before interest free period ends...or use savings too clear it

DCFC79

I really think you should work out if you can increase what you can afford to use as the monthly card repayments. You say you dont have alot left once bills are paid, maybe it means beans on toast for a while, watch what your spending etc.

poppasmurf_bewdley

You may have a problem finding a car dealer who will accept a credit card for anything other than a deposit without putting on a surcharge.

MoneyMate

I have never had any problems with Nationwide BS, have you checked them out as an option.
http://www.nationwide.co.uk/default.asp :beer: