Loan Extention Or Credit Card?

edmond

Looking for a little bit of advice.


Due to an issue with my car I may need to scrap / sell for parts meaning a replacement car would need to be purchased.


I currently have a 10k loan with Barclays which I took out 4 years ago this now has £2880 left on it and finishes in Jan 2019. Never missed a payment.


My question is as I don't have the funds in my account to purchase a replacement car should I extend my loan with Barclays, or take out a credit card. With 0% finance?


My budget for my replacement car will only be around the £1500 mark.

Candyapple

Credit card given that it's such a low amount.

Here is the link to check your eligibility for a money transfer card which is the one you'll need:
https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.170510176.1901292714.1508748025-160981962.1507628140

StopIt

Well, considering the loan wont be at 0%, if you can get 0% finance, do that, so long as it's affordable.


Otherwise, take the option that costs you the least interest. Is it even possible to extend the loan you have, if so, at what APR and cost?


As above, a money transfer card would work so long as you're able to get one.

edmond

Thanks for the feedback. I had gone through the credit card checker but each time being told my results were based on a £1200 credit.

Candyapple

edmond wrote: »

Thanks for the feedback. I had gone through the credit card checker but each time being told my results were based on a £1200 credit.

You are mistaken, that is just an example limit that all companies use. What credit limit you get will depend on your credit history.

MallyGirl

make sure you get a money transfer card - you won't be able to buy a car fully on a credit card

Giddypip

MallyGirl wrote: »

make sure you get a money transfer card - you won't be able to buy a car fully on a credit card

I did. MBNA card applied for, £5500 limit approved, car purchased.