Best way to raise 3.5K for three weeks only?

fimonkey

Hi All,

I'd like some advice on how to raise 3.5K for only 3 weeks. I need to buy a new car urgently, and have money in savings account to do this, but can't withdraw till beginning of month otherwise I loose a months interest (I intend to withdraw the lot on 3rd March, take out the 3.5K for the new car and put the rest into a higher interest account).

I've seen a car I like now however, it's a bargain, but a private sale so if I ask them to wait until 7th March for payment someone else may have snapped it up.

So can I get a short term loan. or a loan with no early redemption/payment penalty?

Or would a bank give me an overdraft of this much (I already have a n overdraft facility of 1K which I rarely use)?

Or any other thoughts?

Thanks in advance

Stu_Dent

Put 3.5k on red :rotfl:

PBA

Abbey unsecured loans have at least 30 days cooling off, if you pay the loan off in full before the first monthly payment is due then there is no interest to pay. Do you could take the loan now and just pay it back when you get the money from the savings account in 2 weeks time.

Voyager2002

Let the seller know what you are doing, and offer to put down a deposit now.

CLAPTON

how much interest will you lose?

Rafter

As the interest on savings (after tax) is likely to be a lot less than interest on a loan for a month, I think paying the penalty will be your best option - would bank of mum and dad sub you for this period maybe?

R

fimonkey

Bank of Mum and Dad resides up in the clouds with the Great Man himself, the money in my savings account is from my inheritence and I will loose £130 in interest if I withdraw before end of this month.

PBA, if I get a loan from Abbey, then withdraw the money, is that deemed as though I've accepted the loan conditions, and therefore if I pay it off early (within cooling off period) will that mean I still have to pay interest?

Thanks all for you answers (would love to put it all on red, but an inheritance from my parents is the last thing I'd gamble with).

sarahlouise210

If the car is such a bargain maybe its worth losing the interest for one month .. could you maybe negotiate a reduction in the price of the car to make losing the one months interest not so bad ??

Gorgeous_George

Simple answer.

Overdraft.

This is what they are for.

GG

fimonkey

An overdraft for 3.5K?? If you're serious I'll give it a go, but would have thought my bank would fall over laughing at me! (Even though I can show I have savings, though not with them).

PBA

fimonkey wrote: »

PBA, if I get a loan from Abbey, then withdraw the money, is that deemed as though I've accepted the loan conditions, and therefore if I pay it off early (within cooling off period) will that mean I still have to pay interest?

No. The money gets paid in to your bank account (whoever you bank with) within a day or so of the loan being accepted. If you then change your mind about the loan just write a cheque back to Abbey for the full amount before the first direct debit is due.