Best way to get £2000?

white43

Hi All,

I'd like to get £2000 pretty rapidly. This is to add to money towards a car.

Now, I can pay the card off easily in less than two years, but I'm wondering the best way to get my hands on that cash from the credit card with the least bit charges or interest.

Should I withdraw £2000 from the credit card over 8 days? Car dealerships don't like to use credit cards I understand. Or would it be better to pay the whole on the credit card, use savings to pay the main and then pay off within the time?

Any thoughts or advice most appreciated.

Thanks

Dave

lynz68

You need to apply for a card that will allow a money transfer to your current account preferably at 0%.

Virgin or MBNA allow this and are usually generous with credit limits. I'm sure there are others if you do a bit of research.

Nobody however can tell whether you will be approved or not or if you will get the limit you require that will depend on your credit history and income.

eskbanker

white43 wrote: »

I can pay the card off easily in less than two years

How long would it take to save the £2K, i.e. before buying the car?

white43 wrote: »

Car dealerships don't like to use credit cards I understand.

They'll happily take them but will usually levy a surcharge of 2-3%, worth finding out what this dealer's policy is and how it compares with the cost of withdrawing cash from your card.

white43 wrote: »

Or would it be better to pay the whole on the credit card, use savings to pay the main and then pay off within the time?

No particular advantage in putting it all on the card other than some extra interest-earning time for your savings - how much interest are you earning on your savings and how much interest would you pay on your credit card? Is this a card you already have (with a credit limit high enough to fund a car purchase) or are you looking for a new one (in which case what's your credit history like)?

Nebulous2

You need a plan and a back-up in the event your plan fails! My last car the dealer asked for £500 on a credit card as a deposit then the rest in cash.

If you're buying an expensive car they might be prepared to pay the fees on £2k if you build that into the deal. Lots of questions still there for you about how you proceed but money transfer deals are often shorter than purchase or balance transfer ones. I recently saw an MBNA card with 39 months 0%% for balance transfers but only 20 for money transfers.

agrinnall

Buy a car that costs £2000 less, problem solved!