[Finance] Financial help needed - small car loan.

[WATFORD zero]

Do what I do grow a nice healthy weed crop in the attic and use the profit, downside is my **** neighbour started to complain about the smell and threatened to call the OB.

I do hope your neighbour is ok. He seems to have gone missing

 

[Blue3]

Never add loans for items that will depreciate in value onto a mortgage ok the percentage rate at the moment might be 1 to 1.5% but it can go up I remember the days of 15% and historically it's generally be in the 5% region and that's over 25 years.
If you only need £2,000 then put your car in for the MOT see what it fails on first it might not be as bad as you fear and if not buy an old banger with 10 months MOT and save the £2,000

 

[Stat Brother]

Thanks everybody, good old NSC.

My boss' brother runs a small local garage he's got a couple of boxes on wheels, low milage Skoda Fabia's, I think he said. (As said I have no standards)

I just need to rustle up some cash.


I don't know whether I should be proud of or embarrassed about the fact I've ambled through life, for this long, relying on my bank account, mortgage and 1 credit card.

 

[studio150]

£50 on Chelsea to be leading at HT with Brighton to win on FT @33/1.

Simples.

 

[Icy Gull]

£50 on Chelsea to be leading at HT with Brighton to win on FT @33/1.

Simples.

Not so Simples, I don’t think we have ever come from behind to win a game in the PL?

 

[studio150]

Not so Simples, I don’t think we have ever come from behind to win a game in the PL?

Everton only a few weeks ago

 

[Icy Gull]

Everton only a few weeks ago

Oh yes maybe I meant when we conceded first

 

[Bold Seagull]

Thanks everybody, good old NSC.

My boss' brother runs a small local garage he's got a couple of boxes on wheels, low milage Skoda Fabia's, I think he said. (As said I have no standards)

I just need to rustle up some cash.


I don't know whether I should be proud of or embarrassed about the fact I've ambled through life, for this long, relying on my bank account, mortgage and 1 credit card.

I had a Skoda Fabia when they first won car of the year back in 2002! I really liked it. Its basically the chassis of a VW polo, very reliable.

 

[Justice]

I do hope your neighbour is ok. He seems to have gone missing

Heard about that hope he ok

 

[happypig]

Stoozing is the way to go.
1. Open a savings account with decent (Ha!) interest rate. Goldman Sachs Marcus account is decent.
2. Take out a credit card with 0% on purchases for as long as you can.
3. Pay for the car on the CC
4. divide the cost of the car by the number of months of 0% you got.
5. pay minimum payment off CC every month, put the rest into the savings account.
6. at the end of the 0% period, take the money out o the savings account and pay the CC balance.
7. nice bit of interest for you.

 

[Shropshire Seagull]

Very unlikely that a dealer will let you pay more than a deposit on a credit-card but if they will let you buy in full and you can get a 24 month balance transfer card lined up - this is the cheapest option.

Don't add it to the mortgage, most mortgage lenders can provide a loan secured against the house at a favourable rate - I took a £10k loan like this at 1.6% over 3 years - the total cost of interest was acceptable.

Always look at the cost of the loan by calculating what the total repayment will over the duration ....

 

[wellquickwoody]

How is a credit card at 0% for 24 months a worse option than a loan at say 8%? All Stat has to do is repay the credit card in the 0% period and he then gets the money for no interest at all.
Credit cards can be a good thing if they are used correctly.

Obviously a new credit card is a different story, but he didn’t say that in the original post.

 

[AmexRuislip]

Thanks everybody, good old NSC.

My boss' brother runs a small local garage he's got a couple of boxes on wheels, low milage Skoda Fabia's, I think he said. (As said I have no standards)

I just need to rustle up some cash.


I don't know whether I should be proud of or embarrassed about the fact I've ambled through life, for this long, relying on my bank account, mortgage and 1 credit card.

Nothing wrong with this chap

 

[Muhammad - I’m hard - Bruce Lee]

Thanks everybody, good old NSC.

My boss' brother runs a small local garage he's got a couple of boxes on wheels, low milage Skoda Fabia's, I think he said. (As said I have no standards)

I just need to rustle up some cash.


I don't know whether I should be proud of or embarrassed about the fact I've ambled through life, for this long, relying on my bank account, mortgage and 1 credit card.

This bloke will sort you out

 

[theboybilly]

£1500 is the bottom end of the market heading towards private sales. You might struggle using a CC for that. I would do as others have suggested and try and budget nearer £3k on something VW/Skoda/Seat (ie pretty reliable)

 

[Stat Brother]

For all you completists out there it seems a Money Transfer Card is my way to go.

Apply for card.
They pay £1500 into my bank account.
Then pay the card off at 0% for 20 (ish) months with the money I 'save' by downsizing the car.



Thanks again chaps.

 

[Stat Brother]

Would that it were so simple.

More help needed.

I've just been twice turned down for £1,750 money transfer cards.

I've just done an Experian Credit Score and have returned:-

989 out of 999 - "Hi Stat. Well done, your score is Excellent".

What the fudge is going on?



And yes the irony of sounding like more like BG every day isn't lost on me.

 

[Springal]

Would that it were so simple.

More help needed.

I've just been twice turned down for £1,750 money transfer cards.

I've just done an Experian Credit Score and have returned:-

989 out of 999 - "Hi Stat. Well done, your score is Excellent".

What the fudge is going on?



And yes the irony of sounding like more like BG every day isn't lost on me.

Do you have other forms of credit card? Mortgage?

Also I'd avoid applying for anything else as you'll start to look desperate for credit which again works against you.

Might be worth asking one of them why they rejected you and mentioning your Experian score

 

[mejonaNO12 aka riskit]

For all you completists out there it seems a Money Transfer Card is my way to go.

Apply for card.
They pay £1500 into my bank account.
Then pay the card off at 0% for 20 (ish) months with the money I 'save' by downsizing the car.



Thanks again chaps.

I've only just read this thread and I'm delighted you ignored people's advice to not use a card.

Why would anyone choose a LOAN with a % higher than a 0% credit card.

I think people have this weird illogical fear of credit cards. If you manage them right and switch every 18-24 months to another 0% it's such an easy way to borrow.



Edited.....just seen your follow up post.

Credit agencies work differently. Some providers LOVE you to have as little credit to your name as possible. Ie "I have NO loans".

However, some REALLY want you to have forms of borrowing with headroom. ie a £9.5k credit card where you are only using £1k. It shows creditworthiness and low utilisation.

 

[juliant]

Would that it were so simple.

More help needed.

I've just been twice turned down for £1,750 money transfer cards.

I've just done an Experian Credit Score and have returned:-

989 out of 999 - "Hi Stat. Well done, your score is Excellent".

What the fudge is going on?



And yes the irony of sounding like more like BG every day isn't lost on me.

Have you taken out any other loans or applied for credit recently any other way? New contract mobile phone or changed insurance etc? New supplier direct debit setup ?

If you have then that might have an effect even if your credit score is as good as it is. We have just remortgaged and were advised not to take out any new suppliers or contracts who would perform a credit check as it would look a bit dodgy credit score wise