Cheapest way to borrow £2K?

floopnoodle

Asiacat wrote: »

If you have 8k ready you would be an idiot to spend more than that on a motor.

Haha, how very open-minded of you.

billymadbiker

Asiacat wrote: »

Even for 5 or 6k you can get a decent low mileage motor which will be cheaper to insure, won't be a much a magnet for thieves and three years down the line the depreciation will be a lot less than an 11k car.

.

Surly the insurance depends on the type of car?? Get quotes for them first as my last 'newer' car was cheaper to insure than the older version it replaced.
It was also better on fuel and the rac cover was less. plus IT WAS NEWER.

Also, unless you are buying brand new, depreciation is not relative to value. A 3yr old £11k car could well loose less than a brand new £8k car in a years time.

billymadbiker

To actually answer the question though!
I had to 'borrow' 3k recently.
I ended up using a 'super balance' transfer from a lloyds credit card into my bank account.
Total cost was £3090 and I had 3mths 0% on it.
I have made 2 (minimum) payments from this of about £150.
I have just done a balance transfer to a barclaycard to pay off the rest from the lloyds and thats cost another 3% (of the remaining 2780) which was just over £80. The BC is offering 14mths at 0%

I don't have the exact numbers but it worked out at about £175 in total charges. If I pay the whole lot back within 12mths of the original transfer that works out at about 5.8% apr (if I have done my maths right

ERICS_MUM

you plan to re-pay the loan over 6 months so why not save up for 6 months to make your 2 grand, plus a bit more from not paying interest.