J
jarvis
Guest
Hi
I know there are other threads but my question is specific to me.
I'm about to buy a car and need finance of €7000 to complete the purchase.
I have looked online at the various bank's interest rates and they all seem a little high. 11.46% being the cheapest.
My dilemma is this.
I have an MBNA credit card with little or no outstanding balance and a €15K limit. The interest rate on this is 10.9%
They are offering 0% interest on cash transfers till Jan 2011, then it will revert to 10.9%
Is this the best way to go as it's lower interest rate, I will have more powerful bargaining with cash and the repayments will be very flexible.
I plan to set a DD each month to clear it over 5 years.
Anyone any suggestions as the best way to go?
Anyone know how to work out the total amount repayable/cost of interest?
Anyone completely against doing this? and why?
Thanks in advance.
I know there are other threads but my question is specific to me.
I'm about to buy a car and need finance of €7000 to complete the purchase.
I have looked online at the various bank's interest rates and they all seem a little high. 11.46% being the cheapest.
My dilemma is this.
I have an MBNA credit card with little or no outstanding balance and a €15K limit. The interest rate on this is 10.9%
They are offering 0% interest on cash transfers till Jan 2011, then it will revert to 10.9%
Is this the best way to go as it's lower interest rate, I will have more powerful bargaining with cash and the repayments will be very flexible.
I plan to set a DD each month to clear it over 5 years.
Anyone any suggestions as the best way to go?
Anyone know how to work out the total amount repayable/cost of interest?
Anyone completely against doing this? and why?
Thanks in advance.