Should I get a credit card or a loan???

mortgagehelp_2

Hi,
I've got a loan with barclays for £12k and want to get an additional £4k loan but not sure what to do....
Should I get another loan and combine both amounts or should I get a credit card and put the £12k on the card and get a limit of £16k for the additional £4k I need..... I'm very confused about the credit cards with the balance transfers and purchase apr!!!!
I'm changing my loan as the apr is 11.8 and the repayments are £350 a month when I know I can get a loan on a cheaper apr.
Any help would be great.

chambta

mortgagehelp wrote: »

Hi,
I've got a loan with barclays for £12k and want to get an additional £4k loan but not sure what to do....
Should I get another loan and combine both amounts or should I get a credit card and put the £12k on the card and get a limit of £16k for the additional £4k I need..... I'm very confused about the credit cards with the balance transfers and purchase apr!!!!
I'm changing my loan as the apr is 11.8 and the repayments are £350 a month when I know I can get a loan on a cheaper apr.
Any help would be great.

I would forget about credit cards for the amounts you're talking about.

If you're credit worthy enough then applying for a new £16k loan from a new provider would make most sense. With a bit or research and luck you could get the lot at around 7%.

dannynixon

You will not get a credit card with an opening balance of anywhere near 16k

CLAPTON

without knowing your full financial circumstances (a SOA) its impossible to give advice

whyever do you need an extra 4k?