what to do?

mack3rs

hello,
i want to get a new car which would cost £8000. would it be a good idea to clock up money through credit cards to fund this?

barclaysguy

I would say no, providing there is a credit card that would allow you to borrow that much (assuming you don’t have one already) the car garage will charge a fee for using a credit card - however 0% would offset this over time.

However credit cards are revolving credit and may lead to financial difficulty as temptation to use available credit is high. After the 0% bonus, you may find yourself with a high interest card with no lenders willing to take the debt, plus the credit card company may even raise the interest rate, who knows.

Quite often car loans, providing there through a normal company can offer good rates of interest as can be subsidized by garages.

My opinion - Buy a banger (or keep your current one) and save up - cheaper in the long run and you can miss as many payments as you want if you loose your job!