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    Best deal for a short term loan?

    Hey folks, I've found a car I'd like that's just out of my budget - I'm looking at borrowing 2,000 - 3,000 pounds to pay back over six months.

    Someone has recommended taking out a new credit card with 0% interest and clearing it over six months that way - although the garage charges 2% on credit payments, this would still be less than best loan rates. However, I've never used a credit card this way (I pay mine off every month), are there any pitfalls I should be aware of apart from making sure I pay it off in time?

    Thanks,
    John

    7 Comments

    credit card is best bet, many have 6 month interest free promos. i've got an EGG card, bought my new TV on that, just pay off 1/6 of the loan every month and you will be fine.

    I too have an Egg card with 0% for 6 months
    No problem with them

    it is a good way of doing it .i often buy a newer car on card and i like it as youcan pay off as much as you want each month rather than a loan .And with me it tends to make me pay it off quicker .I will never go down loan route again if you are good with credit cards they are a much better option .

    credit cards with o% are a great way of getting a short term loan just don't buy anything else on it other than the car and make sure its paid off within the o% period :thumbsup:

    check out martins money saving website he has great info on the best credit card deals

    Original Poster

    The credit card route is sounding a good option, I do like the idea of being able to pay it off sooner as I'm hoping to pull a good bit of overtime over December. I've got an Egg card so I'll see who else has good deals, thanks for all the help.

    John

    Original Poster

    Incidentally, where would I find Martin's money saving website?

    edit - Ok think this is it:

    moneysavingexpert.com/cre…rds

    Can't seem to find no interest for more than three months, but I'm new to this hunting credit card deals

    edit2 - M&S and seem to have a cracking deal of 0% for 12 months

    John

    Banned

    Eggsellent advice. A good card deal.
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