Small ~$5k loan for car, fast repayments, best option?

mezje on 21/01/2017 - 15:09

I am looking at purchasing a car for 5k, however do not have the cash up front. I am thinking of taking out a loan which I will repay within 5-6 weeks, what are my options?

Some things to note:

  • I have a car worth about 4 which I will sell after I get the new car
  • I make about 1k/week at the moment, saving about 600
  • No credit history

Thanks in advance!

Financial

Comments

  • watwatwat on 21/01/2017 - 15:16
    +1

    Sell your existing car first and then buy another. Don't get a loan for this.

    • mezje on 21/01/2017 - 15:28

      I am well aware that is the best option however I need a car in the meantime. The car I am looking at is quite rare and not many come up, hence I can't really wait to save up enough or go through the process of selling my car. I have sold a few cars before and generally find it takes a month before anything works out, a month I do not really have.

      • watwatwat on 21/01/2017 - 15:32

        Well what advice do you want from us? Go get a loan if you want one.

        Or do cash advance on your credit card to avoid a hit to your credit history. If you're paying it off as quick as you say, a high interest rate for a month won't cost much.

        • mezje on 21/01/2017 - 15:40
          -1

          Looking back on it, it is kind of poorly worded. I more meant what are the best loan options to pay it back?

          I have a 1k limit CC I haven't used in a long time, not sure they would extend the limit to 5k though. I think it is 55 days interest free no fees with CBA.

        • mskeggs on 21/01/2017 - 18:45
          +2

          @mezje:
          You don't get interest free on cash advances, it will be full rate interest from the day you take out the cash.

  • 2jzzzz on 21/01/2017 - 17:24

    What car? Drop the details!

    • mezje on 21/01/2017 - 17:43

      Just an SR20VE pulsar with an LSD box :P

      • rambutann on 21/01/2017 - 19:27
        +1

        Man you must be real pumped for some mad reverse doeys.

  • Gunther on 21/01/2017 - 19:41
    +2

    Financial advice for buying a money pit car. Dont even bother.

    /thread closed.

  • chumlee on 21/01/2017 - 20:05

    Maybe ratesetter is best suited for this.

  • benwaffle on 21/01/2017 - 22:14
    +2

    Put it on a credit card which has an interest-free period for purchases; then onto a 0% balance transfer card before the interest-free period ends

  • Architectonic on 22/01/2017 - 13:32

    Unless you can borrow money from a family member, this is more trouble than it's worth.

    Just save up the money or sell the car, take Uber and public transport or ride a bike in the mean time.

  • Euphemistic on 24/01/2017 - 19:57

    Sounds like you need a dude in a crappy rabbit suit to visit with a wad of cash" what could go wrong?

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