Card or loan? Help, i'm new to this.

grizzler39

Hi everyone.
This is my first post here so if i am repeating a previous question, my apologies but if you have any answers or opinions i'd appreciate the help.

I am looking for the best way to buy a motorcycle.
I need to raise £1500 before this Friday (9/3/2018) to buy it.
i have a motor cycle already worth more than the one i am trying to buy and i have a buyer for it but he needs time to sell his (never thought i would be in a "chain" for a motorbike).
I'm thinking of applying for a credit card that will allow me to transfer £1500 to my bank account immediately and to pay it off in full when i sell my bike.
So, is this a feasible idea?
If so who would offer a card with an initial credit limit that i could do this on?
or, should i look at a loan instead and just pay it off when i get the money off my bike?

Thanks in advance.

[Deleted User]

Bloke with a similar problem here.

https://forums.moneysavingexpert.com/discussion/comment/73978399#Comment_73978399

dresdendave

grizzler39 wrote: »

Hi everyone.
This is my first post here so if i am repeating a previous question, my apologies but if you have any answers or opinions i'd appreciate the help.

I am looking for the best way to buy a motorcycle.
I need to raise £1500 before this Friday (9/3/2018) to buy it.
i have a motor cycle already worth more than the one i am trying to buy and i have a buyer for it but he needs time to sell his (never thought i would be in a "chain" for a motorbike).
I'm thinking of applying for a credit card that will allow me to transfer £1500 to my bank account immediately and to pay it off in full when i sell my bike.
So, is this a feasible idea?
If so who would offer a card with an initial credit limit that i could do this on?
or, should i look at a loan instead and just pay it off when i get the money off my bike?

Thanks in advance.

Probably my cynical nature but you don't have a buyer yet, just someone who may or may not buy yours when they can be bothered to sell theirs.

stevenhp1987

If you get a credit card with a 0% bank transfer offer, there will still be a fee around 3 - 4 % that will be payable. You are unlikely to complete the transfer in time though.

If you have a good credit history you could beat that with a loan and paying back early (note, you may still pay a couple months interest if doing this). You would need one that can be signed online, otherwise it's likely it won't arrive in time.

Why do you need the money by Friday? Can you not buy a new bike once you've sold your current one?

Nebulous2

Who do you bank with? Some banks will sign you up for a loan and get the money in your bank account within 24 hours.

That limit is very possible on a credit card if you have a good history, but I don't think you would get it through on time.

MallyGirl

Money transfers just don't happen that quickly I am afraid

grizzler39

dresdendave wrote: »

Probably my cynical nature but you don't have a buyer yet, just someone who may or may not buy yours when they can be bothered to sell theirs.

I totally understand your cynicism dresdendave, but i have several people who want to buy mine. this gentleman was first in the queue and i'm old fashioned that way. He Knows he has a time limit to buy mine and that there are others waiting in the wings.

grizzler39

stevenhp1987 wrote: »

If you get a credit card with a 0% bank transfer offer, there will still be a fee around 3 - 4 % that will be payable. You are unlikely to complete the transfer in time though.

If you have a good credit history you could beat that with a loan and paying back early (note, you may still pay a couple months interest if doing this). You would need one that can be signed online, otherwise it's likely it won't arrive in time.

Why do you need the money by Friday? Can you not buy a new bike once you've sold your current one?

stephenhp. Simply put my friend, i have a day off on Friday and my next one is a week later. Unfortunately the bike i would like to buy, at a very good price, would have been sold to someone else by then.
I thank you for that information. i can do a bit more research into how now.

grizzler39

Nebulous2 wrote: »

Who do you bank with? Some banks will sign you up for a loan and get the money in your bank account within 24 hours.

That limit is very possible on a credit card if you have a good history, but I don't think you would get it through on time.

I bank with Natwest Nebulous2. I will look into that.

grizzler39

MallyGirl wrote: »

Money transfers just don't happen that quickly I am afraid

Hi Mallygirl, thanks for the info. I've never done this before hence the original questions.

MallyGirl

no problem - much better to ask than use up a credit search on the wrong product