Paying loan off after 1-2 months

bexs2247

Hi, I want to sell my car privately to maximise the amount i can get for it but it is on PCP (3 years into the 4 years), the dealer has said I need to pay settlement figure before I can sell. If I was to take a personal loan out for the settlement figure to pay it off, sold the car then paid the loan off in 1-2 months, would I end up paying a lot of interest up front or would this be minimal because of the short time frame?
Thanks

MorningcoffeeIV

You'll typically pay 2 months interest early settlement.

bexs2247

MorningcoffeeIV said:

You'll typically pay 2 months interest early settlement.

Thanks - that's not too bad I suppose. Although maybe a 0% credit card may be the better option if I could get the available balance I would need

MorningcoffeeIV

You'll pay more in the money transfer fee than the loan would cost.

Although you could then put the sale money into savings to offset some of the cost until the end of the promo period.

bexs2247

MorningcoffeeIV said:

You'll pay more in the money transfer fee than the loan would cost.

Although you could then put the sale money into savings to offset some of the cost until the end of the promo period.

Didn’t know if I could do it with a 0% on purchases and pay it that way. 

MorningcoffeeIV

No. They almost certainly won't accept a card payment as it's too expensive.