Borrowing money

[Triumphman]

I want to borrow 20k to fund a vehicle project.
Anyone got any advice? I’m on a good salary and can afford the repayments.
The advertised deals seem pretty fictional when you investigate them further, 3.1% apr representative shoots up massively when you look into it.
Plus applying and being declined could affect your credit score.
It’s a mine field!

 

[Wendelspanswick]

I want to borrow 20k to fund a vehicle project.
Anyone got any advice? I’m on a good salary and can afford the repayments.
The advertised deals seem pretty fictional when you investigate them further, 3.1% apr representative shoots up massively when you look into it.
Plus applying and being declined could affect your credit score.
It’s a mine field!

Finance or bank loan?

 

[Wightsparks]

First stop for some unbiased advice would be Money Saving expert https://www.moneysavingexpert.com/
Also they have a tool (Eligibility calculator) to tell you what your actual rates/costs will be without leaving big footprints all over your credit history.

 

[mpats]

I went with a personal loan from the bank I'm with, they offered 3.2% apr and that's what I got. Done over the phone.

 

[Triumphman]

Which bank?

I went with a personal loan from the bank I'm with, they offered 3.2% apr and that's what I got. Done over the phone.

 

[mpats]

RBS

 

[Triumphman]

Bank loan.
Guessing I won’t ge finance on a private sale

Finance or bank loan?

 

[garethp]

I've found the rates can vary wildly by playing around with amounts and repayment periods, its almost as if there are set ranges to get a certain percentage and stray in or outside of that by 50 quid or a month and the rate can be a lot different

 

[garethp]

Plus make sure you can make over payments if you think you might want to, some lenders say no or say yes but hide a tiny percentage limit in the small print

 

[mpats]

I was borrowing 18500 for a car, over 3 1/2 years to get the repayments where I wanted, end up paying back just over 19000 I think.

 

[MattH]

I’ve used Sainsbury for loans over the years a couple of times. Always got the advertised rate, last was 3%. All done online with forms ready to be signed sent via post.
Never had any complaints.

 

[Kayos]

If you have a good credit rating a personal loan is usually best as car finance (secured on the car) is a lot higher interest

 

[Matrixx]

interest free credit card? some now offer 3 years with no interest... no brainer if you have a good credit score. then after 3 years transfer to another card.

 

[Triumphman]

Could you spend 20k on a credit card? And how would I pay the seller in a private sale?

 

[gaz_moose]

take out the credit card then transfer the amount over to your current account. just make sure that it falls within the boundaries of the interest free deal. as some are on purchases only.

 

[Wendelspanswick]

take out the credit card then transfer the amount over to your current account. just make sure that it falls within the boundaries of the interest free deal. as some are on purchases only.

I would have thought that all credit cards would exclude cash withdrawals from interest free deals otherwise you could withdraw cash, stick it in a deposit account then return the capital at the end and keep the interest!

 

[Matrixx]

I transferred my over draft on to an interest fee card, there may be a small charge for transferring cash with no purchase but its still cheaper than a loan.

moneysavingexspert is a good place to compare deals.

 

[CompoSimmonite]

Loan from mortgage provider tied to property will be lowest rate. Not a release of equity or further advance but a fixed period loan.

 

[Robotstar5]

A work colleague did some research last year to find the cheapest way to borrow 20k for a loft conversion and found an interest free credit card the best option.

 

[Triumphman]

I wonder how he paid the builder?

A work colleague did some research last year to find the cheapest way to borrow 20k for a loft conversion and found an interest free credit card the best option.[/QUO