midget1500

too hungover to think straight! hopefully someone can do the thinking for me

i want to borrow 4k for mod's to my car. i can either spend 6 months saving it up but as i'm impatient i'd like the money yesterday

so, personal loans for 4k @ 6% cost £344 a month over 12 months = 128 quid interest - not bad!

or my credit card as an APR of 13.9 %, which looks like more but then again if i paid the same each month over 12 months (or perhaps even quicker if i pay more) i might be able to get it for less? i think this is too tricky to work out as unlike the loan surely as i pay more and more off the interest charge drops?

also, at 6% its 344 a month, yet in a compound interest calculator this worked out as 3.2%??? argrhrghr.

then again, could i get another credit card with interest free for the first 6 months then just pay it off over 6 months in say chucks of £666 (spooky!)? would this mean a free loan?

cheers
steven

edit : 13.9% apr, not 11.5

[Edited by midget1500 - 12/27/2003 4:06:10 PM]

Bonehead

Get the intreast free credit card.

Then when the intreast free period runs out, transfer any remaining balance to another intreast free card until you've cleared the debt and you do get a free loan.

It's what I did when I bought my Scoob.

You've gotta make your money work for you.

Tony

Merry Chrimbo

[Edited by Bonehead - 12/27/2003 4:08:30 PM]