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Additional Mortgage borrowing vs Car financing loan

ispookie666 · 2021-12-16 18:23:23

My 14 year old car is on its death bed, its done 188K miles. I have my eyes on a car around 40k My options 1. use up all my easily liquidatable savings and skimp for another couple of months and buy the car outright 2. Hire purchase/Car finance with high street banks - APR of 6.7% over 5 years(most rates are higher!). I…

16 December 2021 at 7:23PM in Loans

11 replies 507 views

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22 December 2021 at 9:40PM

Grumpy_chap Forumite
12.5K Posts

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22 December 2021 at 9:40PM

ispookie666 said:

Still to and fro with this.
Can I do the purchase for 35,000 on my Credit card and do a balance transfer?

There are two criteria to do the purchase on the credit card:
1. Available limit
2. The Dealer accepting the CC for that amount. Often, because of the associated fees, the Dealer will accept a deposit on CC but not payments above a certain amount.

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