use cc or bank loan

[thegers]

been saving for just over year and have £5.5k to put towards used car, seen car I like but approx £2.5k short so was going to get a loan from bank, but thinking I would have to take out over a year at an apr of the same as my credit card (only usually use for work expenses and pay off every month when I get them back)so if I pay off what I was saving up each month I would actually save money ????

Have always avoided needless spending on the CC but this seems to make sense or am I missing something.

I know i could wait 4-5 months and not have to use credit but Im getting impatient :-)

[Welshbeef]

Points to note low loan £k will have higher apr. To the point it may be better for you to take out a 7.5k loan and put the 5k savings into acaavings account vs lending the extra.

If you want to go down the cr card route there are cards which offer you 0% on purchases for a year just use moneysupermarket.com to give you the current listing. Thing to mote here is though traders may well charge you the 2-3% fee the cr card comps will charge them - compare that cost vs the setting up fee of a loan.

Of course if you say it's only a further 4-5 months ...

If you put the 2.5k on your cr card and paid that off over 4-5 months then even if your apr is say 12% you'd only physically be paying 4-5% for that time frame as it would be cleared a bank loan will be far higher than that.

What car btw?

[thegers]

its a Z3M roadster