I need to borrow £8000 for a car what are my options

Big_g_ace

Hi I wonder if someone can help me I wish to borrow around £8000 to buy a car and in CASH. I have a very good credit rating no other loans or credit cards nothing but my mortgage going out, my annual wage before tax is £19500 but that is my basic wage with out any bonuses I usually make an extra £200 a week extra. Should I get a loan or 0% credit card it needs to be flexible as I am in the position to pay extra each month

bigadaj

Is that your monthly wage or have you missed out a zero?

You probably don't have a great credit rating as you don't have many or any revolving credit facilities, regularly using and paying back a credit card in full would help.

If you want cash then that limits your options as for 0% you'd be limited to those that will credit bank accounts rather than transfer from another card.

Loan probably sounds easiest but you'll only know what rate you'll get after you're successful, whilst they might advertise <5% then by no means everyone gets that and your rate could be significantly higher. Maybe try your own bank first as they know you best.

redcard

How much do you have in savings?

digp

get a bus pass. i highly recommend it.

greenorange

Buy an old banger, start saving, and buy the car out-right with your own money.

No need to get in debt for a car.

katejo

greenorange wrote: »

Buy an old banger, start saving, and buy the car out-right with your own money.

No need to get in debt for a car.

That's how I would do it if I didn't have the cash

PeacefulWaters

I need to borrow £8000 for a car

No you don't. "want" is the correct word.

Big_g_ace

Hi thank you for your responses I have had credit cards and loans before they are all payed off at the mo I always pay more to pay off early. No savings because I get married in 2 1/2 months but managed to pay all that off bit by bit without any loans or overdrafts. The car is going to be the wedding car we are not going on honymoon but asking for cash to pay the car off from family. Was looking at the 0% barclays platinum over 60 months but not sure if I can pay it off early or the sainsburys 4.4% loan. The barclays online checker said 90% when I put my details in.

PlymouthMaid

Could you not wait to see how much money your request to family for money as a wedding present raises and then buy the car? Bad idea to get debt for a car I would think.

globalds

I would compromise.
To be honest I did just that.
£8000 was the amount I thought I deserved to spend on a car.
So I accepted that £4000 paid off quicker would be something I could live with.
I have now been overpaying my mortgage for 5 years ..with an 11 year old car I have owned for 8 and paid for in 2.

Stay within your budget ..and in my opinion your budget is not £8000.
If your getting married soon ..The car will most definitely not be your only expense...You will thank yourself in a couple of years time.

YorkshireBoy

Big_g_ace wrote: »

Was looking at the 0% barclays platinum over 60 months

Don't remember seeing that one advertised.


But it wouldn't satisfy your need for cash, being as you can't do a money transfer with that card as a new customer. You need to be looking at MBNA cards for 0% on cash (typically a 4% applies).