Very short term loan

dalesrider

BlueJohn wrote: »

I need a short term 'bridging' loan for £16,000 for less than 30 days to purchase a car. I am receiving a voluntary redundancy package in two weeks time so should be able to pay it back then. I do not want to wait for two weeks as I would risk losing the car I want.

So you DO NOT KNOW.... If you can pay it back.

WAIT. Is the simple answer here.

poppasmurf_bewdley

27 Col offers the best advice in this column. There are hundreds of thousands of cars for sale, now, tomorrow, next week, and the likelihood of you not being able to find the exact one you want when you have the money are minute - unless you are after a purple Ferrari with 13" rims and wheel spats!

You don't need to buy that one car. Save it until you have the money in your hand.

gb12345

poppasmurf_bewdley wrote: »

unless you are after a purple Ferrari with 13" rims and wheel spats!

I've got no plans on selling any time soon so he is out of luck.

LeafGreen

I agree with the people who say "wait".

Personally I'd wait until I was established in a new job before making such a large purchase.

But if your payoff will be substantially more than the £16K then at the very least wait until the money is in your account. The load route sounds like a possible recipe for disaster.

Clive_Woody

Wait and buy your car at the end of the month (or quarter as we are now in June) when salesmen are trying to up their sales figures and more open to negotiation.

Also if this is a redundancy payment do you not want to hold on to some cash in case finding the next job takes longer than you think.

Obviously I don't know your circumstances but don't get rushed into this. This is big money so take your time and do not let the salesman rush you into spending.

If it's not being too nosey what car do you want to get?

BlueJohn

gb12345 wrote: »

Not quite right. You have 14 days to cancel and then a further 30 days to pay back from the date of cancellation, BUT you will be charged interest at a daily rate until you pay back.

Also, have you considered that a lender might not lend you £16,000.

Thanks for pointing this out. You are correct, there will be an interest rate charge per day. The lender has already approved the loan.

DCFC79

BlueJohn wrote: »

Thanks for pointing this out. You are correct, there will be an interest rate charge per day. The lender has already approved the loan.

Whats the apr ?