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What's the best way to get £8000 loan?
Options
Hi
I need £5000 to purchase a new car and £3000 to book a holiday next year. What is the best way to get this money? I was thinking of getting a personal loan for the car and using a credit card to pay for the holiday. Is this better financially in the long run or is it better just to get a £8000 loan??
I take home about £1400 a month and my outgoing on electricity, mortgage, council tax, water, food and so on is about £950 a month.
Just need some help on deciding what I best options are.
Thank you
Jon
I need £5000 to purchase a new car and £3000 to book a holiday next year. What is the best way to get this money? I was thinking of getting a personal loan for the car and using a credit card to pay for the holiday. Is this better financially in the long run or is it better just to get a £8000 loan??
I take home about £1400 a month and my outgoing on electricity, mortgage, council tax, water, food and so on is about £950 a month.
Just need some help on deciding what I best options are.
Thank you
Jon
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Comments
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First of all, determine if its a need or a want0
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When do you intend to pay out for them both? Are you planning to puchase the car now? and not pay for the holiday for a few months?
Do you already have the credit card you were hoping to purchase the holiday on?
How much can you afford to repay to the debts in total a month?
If you are able to get an £8000 the APR may be lower than a £5000 loan. But if you don't need the money for say 6months then you will be paying interest on the whole amount despite just having the £3k sat in your bank account (earning far less in interest than you are paying).
If you were able to obtain a credit card with a high enough limit and a 0% promotion on purchases and were able to afford to repay the debt with the promotional period then that would be preferable to having to pay interest on a loan.
Could you just get a loan for the car and save up the money for the holiday before you have to pay out for it?
Do you have any other existing debts? and if so what are the APRs on them and how soon will they be repaid?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
My advise is NEVER to borrow money for holidays.
Either save up, or dont go. Its a luxury that should only be funded by excess income/savings.0 -
Hi
I need £5000 to purchase a new car and £3000 to book a holiday next year. What is the best way to get this money? I was thinking of getting a personal loan for the car and using a credit card to pay for the holiday. Is this better financially in the long run or is it better just to get a £8000 loan??
I take home about £1400 a month and my outgoing on electricity, mortgage, council tax, water, food and so on is about £950 a month.
Just need some help on deciding what I best options are.
Thank you
Jon
You dont need to spend £3k on a holiday, you can spend £500 or even less on a holiday all in, just interested to know but where you going thats costing £3k ?
And as for £5k on a car, again you can spend less and stil get a decent motor if your not picky about colour etc.0 -
So what you're saying is that you have 450 left at the end of the month. So this will be say 150-200 paying back the debt and then the other 200 petrol, road tax, car repairs etc...?
As said, never borrow for a holiday, if you can't afford it you don't go0 -
Hi
I need £5000 to purchase a new car and £3000 to book a holiday next year. What is the best way to get this money? I was thinking of getting a personal loan for the car and using a credit card to pay for the holiday. Is this better financially in the long run or is it better just to get a £8000 loan??
I take home about £1400 a month and my outgoing on electricity, mortgage, council tax, water, food and so on is about £950 a month.
Just need some help on deciding what I best options are.
Thank you
Jon
you seem to 450 'spare' each month
how much do you actually have 'spare' each month i.e. how much have you saved up in the last 12 months?0 -
Holidays are a ridiculous purpose for a loan. The holiday will last a week or two, the loan for it will last a minimum of a year and cost you another (roughly) 25% on top if compounded over a few years.
You do not "need" £3000 for a holiday. You WANT £3000 for a holiday. Even if you need a car, you don't NEED a £5000 one, you WANT one.
Your best option is to save up for and take a cheaper holiday and a cheaper car.urs sinserly,
~~joosy jeezus~~0 -
Thanks for all your replies. To answer a few questions that were asked. I would be looking at getting a used car in September and paying for it in full (probably cash). Why 5k on a car and not less? Well, I don't want a banger and I'm not a car expert so I need something I know will last me another 6-7 years (like my current car, which is nearing it's end). The 3k holiday is to South Africa for 2 weeks on a tour which includes flights (and they're not cheap). I was born there and I have not been back for almost 35 years. I am now nearly 41 years old and I feel time is not on my side anymore so I really want to go despite the costs. No I can't afford it but I will just have to pay it back which I have done before without any problems.0
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Just another quick question to anyone reading this. What in your mind is considered normal or ok to get a loan for? When is it justified? Or should we stay well away from borrowing money at all costs? I thought it was the norm for people to get a loan to purchase something like a new car. I don't think many of us have 5k or more saved up for a rainy day. I do have savings but that's to pay the mortage off one day.0
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I don't think many of us have 5k or more saved up for a rainy day..
If you can afford the repayments now, you should have been saving that money for the last 6-7 years so you would now have the cash for a car.
Peoples advice is borne from concern. If you have no savings and up to now haven't been in a position to save each month, how come you can now afford loan repayments?
With the same income, you now face singifcantly more outgoings...how can this happen without changing something?
A fear of loans is healthy, you are swapping huge chunks of your own money for much less of theirs.
The only thing outside of peoples grasp is a house, for everything else, you will be repaying it for a few years so why not save for a few years first? It's much cheaper.0
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