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  • FIRST POST
    • grizzler39
    • By grizzler39 5th Mar 18, 4:05 PM
    • 7Posts
    • 0Thanks
    grizzler39
    Card or loan? Help, i'm new to this.
    • #1
    • 5th Mar 18, 4:05 PM
    Card or loan? Help, i'm new to this. 5th Mar 18 at 4:05 PM
    Hi everyone.
    This is my first post here so if i am repeating a previous question, my apologies but if you have any answers or opinions i'd appreciate the help.

    I am looking for the best way to buy a motorcycle.
    I need to raise 1500 before this Friday (9/3/2018) to buy it.
    i have a motor cycle already worth more than the one i am trying to buy and i have a buyer for it but he needs time to sell his (never thought i would be in a "chain" for a motorbike).
    I'm thinking of applying for a credit card that will allow me to transfer 1500 to my bank account immediately and to pay it off in full when i sell my bike.
    So, is this a feasible idea?
    If so who would offer a card with an initial credit limit that i could do this on?
    or, should i look at a loan instead and just pay it off when i get the money off my bike?

    Thanks in advance.
Page 1
    • zx81
    • By zx81 5th Mar 18, 4:20 PM
    • 16,800 Posts
    • 17,811 Thanks
    zx81
    • #2
    • 5th Mar 18, 4:20 PM
    • #2
    • 5th Mar 18, 4:20 PM
    Bloke with a similar problem here.

    http://forums.moneysavingexpert.com/showthread.php?p=73978399#post73978399
    • dresdendave
    • By dresdendave 5th Mar 18, 4:20 PM
    • 747 Posts
    • 924 Thanks
    dresdendave
    • #3
    • 5th Mar 18, 4:20 PM
    • #3
    • 5th Mar 18, 4:20 PM
    Hi everyone.
    This is my first post here so if i am repeating a previous question, my apologies but if you have any answers or opinions i'd appreciate the help.

    I am looking for the best way to buy a motorcycle.
    I need to raise 1500 before this Friday (9/3/2018) to buy it.
    i have a motor cycle already worth more than the one i am trying to buy and i have a buyer for it but he needs time to sell his (never thought i would be in a "chain" for a motorbike).
    I'm thinking of applying for a credit card that will allow me to transfer 1500 to my bank account immediately and to pay it off in full when i sell my bike.
    So, is this a feasible idea?
    If so who would offer a card with an initial credit limit that i could do this on?
    or, should i look at a loan instead and just pay it off when i get the money off my bike?

    Thanks in advance.
    Originally posted by grizzler39
    Probably my cynical nature but you don't have a buyer yet, just someone who may or may not buy yours when they can be bothered to sell theirs.
    • stevenhp1987
    • By stevenhp1987 5th Mar 18, 4:23 PM
    • 605 Posts
    • 490 Thanks
    stevenhp1987
    • #4
    • 5th Mar 18, 4:23 PM
    • #4
    • 5th Mar 18, 4:23 PM
    If you get a credit card with a 0% bank transfer offer, there will still be a fee around 3 - 4 % that will be payable. You are unlikely to complete the transfer in time though.

    If you have a good credit history you could beat that with a loan and paying back early (note, you may still pay a couple months interest if doing this). You would need one that can be signed online, otherwise it's likely it won't arrive in time.

    Why do you need the money by Friday? Can you not buy a new bike once you've sold your current one?
    • Nebulous2
    • By Nebulous2 5th Mar 18, 4:26 PM
    • 1,867 Posts
    • 1,121 Thanks
    Nebulous2
    • #5
    • 5th Mar 18, 4:26 PM
    • #5
    • 5th Mar 18, 4:26 PM
    Who do you bank with? Some banks will sign you up for a loan and get the money in your bank account within 24 hours.

    That limit is very possible on a credit card if you have a good history, but I don't think you would get it through on time.
    • MallyGirl
    • By MallyGirl 5th Mar 18, 4:33 PM
    • 2,676 Posts
    • 7,677 Thanks
    MallyGirl
    • #6
    • 5th Mar 18, 4:33 PM
    • #6
    • 5th Mar 18, 4:33 PM
    Money transfers just don't happen that quickly I am afraid
    • grizzler39
    • By grizzler39 5th Mar 18, 5:40 PM
    • 7 Posts
    • 0 Thanks
    grizzler39
    • #7
    • 5th Mar 18, 5:40 PM
    • #7
    • 5th Mar 18, 5:40 PM
    Probably my cynical nature but you don't have a buyer yet, just someone who may or may not buy yours when they can be bothered to sell theirs.
    Originally posted by dresdendave
    I totally understand your cynicism dresdendave, but i have several people who want to buy mine. this gentleman was first in the queue and i'm old fashioned that way. He Knows he has a time limit to buy mine and that there are others waiting in the wings.
    • grizzler39
    • By grizzler39 5th Mar 18, 5:43 PM
    • 7 Posts
    • 0 Thanks
    grizzler39
    • #8
    • 5th Mar 18, 5:43 PM
    • #8
    • 5th Mar 18, 5:43 PM
    If you get a credit card with a 0% bank transfer offer, there will still be a fee around 3 - 4 % that will be payable. You are unlikely to complete the transfer in time though.

    If you have a good credit history you could beat that with a loan and paying back early (note, you may still pay a couple months interest if doing this). You would need one that can be signed online, otherwise it's likely it won't arrive in time.

    Why do you need the money by Friday? Can you not buy a new bike once you've sold your current one?
    Originally posted by stevenhp1987
    stephenhp. Simply put my friend, i have a day off on Friday and my next one is a week later. Unfortunately the bike i would like to buy, at a very good price, would have been sold to someone else by then.
    I thank you for that information. i can do a bit more research into how now.
    Last edited by grizzler39; 05-03-2018 at 5:49 PM.
    • grizzler39
    • By grizzler39 5th Mar 18, 5:45 PM
    • 7 Posts
    • 0 Thanks
    grizzler39
    • #9
    • 5th Mar 18, 5:45 PM
    • #9
    • 5th Mar 18, 5:45 PM
    Who do you bank with? Some banks will sign you up for a loan and get the money in your bank account within 24 hours.

    That limit is very possible on a credit card if you have a good history, but I don't think you would get it through on time.
    Originally posted by Nebulous2
    I bank with Natwest Nebulous2. I will look into that.
    • grizzler39
    • By grizzler39 5th Mar 18, 5:47 PM
    • 7 Posts
    • 0 Thanks
    grizzler39
    Money transfers just don't happen that quickly I am afraid
    Originally posted by MallyGirl
    Hi Mallygirl, thanks for the info. I've never done this before hence the original questions.
    • MallyGirl
    • By MallyGirl 5th Mar 18, 5:48 PM
    • 2,676 Posts
    • 7,677 Thanks
    MallyGirl
    no problem - much better to ask than use up a credit search on the wrong product
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    Any views are mine and not the official line of MoneySavingExpert.com.
    • grizzler39
    • By grizzler39 5th Mar 18, 5:56 PM
    • 7 Posts
    • 0 Thanks
    grizzler39
    [QUOTE=zx81;73978673]Bloke with a similar problem here.


    Thanks zx81 Did i mention i'm new to this??
    • enthusiasticsaver
    • By enthusiasticsaver 5th Mar 18, 6:20 PM
    • 6,377 Posts
    • 13,026 Thanks
    enthusiasticsaver
    Presumably the person you are buying the motor bike from wants cash so it would have to be a money transfer card or a loan. Might be pushing it to get the money by Friday.

    Personally my preference would be to sell your existing bike to the first person with the cash available at the right price. After all your seller won't wait for you to sell your bike.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Fireflyaway
    • By Fireflyaway 5th Mar 18, 6:23 PM
    • 1,730 Posts
    • 1,881 Thanks
    Fireflyaway
    A credit card will probably take too long. How about an overdraft? Better still, can you wait till you have sold your then just use cash to buy the new one? Explain to the seller and they might wait a few days?
    • Nebulous2
    • By Nebulous2 5th Mar 18, 6:50 PM
    • 1,867 Posts
    • 1,121 Thanks
    Nebulous2
    I bank with Natwest Nebulous2. I will look into that.
    Originally posted by grizzler39
    I don't know anything about Natwest. Given the faff they have had recently in opening new current accounts for people I wouldn't be too optimistic. Santander loans applied for in branch can be in your bank 24 hours later.
    • adindas
    • By adindas 5th Mar 18, 8:18 PM
    • 3,528 Posts
    • 2,192 Thanks
    adindas
    Hi everyone.
    This is my first post here so if i am repeating a previous question, my apologies but if you have any answers or opinions i'd appreciate the help.

    I am looking for the best way to buy a motorcycle.
    I need to raise 1500 before this Friday (9/3/2018) to buy it.
    i have a motor cycle already worth more than the one i am trying to buy and i have a buyer for it but he needs time to sell his (never thought i would be in a "chain" for a motorbike).
    I'm thinking of applying for a credit card that will allow me to transfer 1500 to my bank account immediately and to pay it off in full when i sell my bike.
    So, is this a feasible idea?
    If so who would offer a card with an initial credit limit that i could do this on?
    or, should i look at a loan instead and just pay it off when i get the money off my bike?

    Thanks in advance.
    Originally posted by grizzler39
    You have not applied until today Evening March 5, 2018, any and want the money to your Bank A/C by Friday, March 9, 2018?? Does common sense prevail here ??

    I think the possible solution is:
    - Bank of Mum and Dad
    - Payday loan or
    - Loan Shark.
    Last edited by adindas; 05-03-2018 at 8:40 PM.
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