Cheapest way to fund a car purchase (private seller - need cash)

[LadyGillingham]

My car needs to be replaced in the next 6 months. My sister’s bestie is moving abroad and they are selling their car. We know they looked after the car well and are happy to sell it at a significant discount for an easy quick cash sale.

I don’t have the cash, but I moved jobs recently and have a bonus component that will cover half this money in January. DP said he will cover the other half from his bonus. The plan was to replace the car with the bonus pot in Jan, but this is a great deal to miss.

In summary, I need about 8k cash, I’ll be able to repay this in full in January. What’s the cheapest way to borrow? We don’t have credit card debts etc, just have our mortgage which we always pay, so I think we have good credit scores.

You can use comparison sites (e.g. Compare the Market etc) to find/compare loans.

Also sell your car?

We’ll sell the car eventually. I cannot sell it before we get the new car as I need to commute to work.

A loan.

You can get an £8k loan for around 5.75% interest over 2 years. Amounts to repayments of £350 approx per month, then pay it all off early in Jan?

Alternatively some sort of cash withdrawal from a credit card, then transfer the balance to a 0% balance transfer card? Make the minimum payments then pay the 0% card off in Jan. There will be fees involved that might make the interest higher than a loan though