We are looking at selling our car and upgrading. I'm after some advice on financing. Here are the details:
$20k cash in bank
$20k purchase price
$10k current value of car
I want to buy the new car then sell the old car. I'm looking to finance the new car for $10k then pay it out with the proceeds of the old car. The fees alone for doing this look between $1-2k (application fee, early payment fee etc) which I think is absurd.
Any tips on how you would typically arrange this bridging finance?
I was thinking of paying the $10k cash then the remaining $10k put on the credit card until I sell the old car. If the interest free period starts to loom close I then balance transfer to another card to buy a bit more time.
Is that logical and will it work? I don't know enough about cc's to be completely informed.
Cheers
$20k cash in bank
$20k purchase price
$10k current value of car
I want to buy the new car then sell the old car. I'm looking to finance the new car for $10k then pay it out with the proceeds of the old car. The fees alone for doing this look between $1-2k (application fee, early payment fee etc) which I think is absurd.
Any tips on how you would typically arrange this bridging finance?
I was thinking of paying the $10k cash then the remaining $10k put on the credit card until I sell the old car. If the interest free period starts to loom close I then balance transfer to another card to buy a bit more time.
Is that logical and will it work? I don't know enough about cc's to be completely informed.
Cheers