Car loan

[rhyspw]

The initial message was deleted from this topic on 28 December 2012 at 12:41

[GarryA]

Unless its something special then why not wait until you have sold your car?

[GarryA]

Borrow 12.5k from Zopa - no front loaded interest and you are encouraged to pay back sooner, you will need your mrs to do the same though - max lend 15k

Borrow it on your house and pay back when your term ends

Family

Drop your car quick at webuyanycar but you will probably come up short

Edited by GarryA on Saturday 12th May 09:02

[AM78]

rhyspw said:

So I am in the process of buying a new car from a private purchase, but I have about 25k tied up in my current car that I am selling. I will therefore need a loan to bridge the gap until I sell my current car. I have spoken to the bank and the interest rates seem really high for a short term loan like this. Any ideas of the best/cheapest way of going about this would be appreciated.

Dont tell the bank you only need the money for a short time... Let them think you need it for 2-3 years but when you sell the car you pay it off early! Easy as 123 ( Make sure you double check the small print for any early repayments tho..) Had loan with Egg and paid off early with out issues . Sainsbury are offering 6.1%loans for amounts 7,500 upto 15,000 ( Anymore than 15K and the rate jumps to 8.9% !?)

Hope this helps

Andy

[GarryA]

Beware of front loaded interest!

[Kudos]

GarryA said:

Beware of front loaded interest!

Shirley this gets rebates when you repay the loan. Normally 1 to 3 months interest penalty