HSBC FlexiLoan

ramirez

ramirez

ramirez

Soldato
Joined
18 Oct 2002
Posts
3,146
Location
Altrincham
Hi chaps, I'm looking to purchase a car for about £4000, which is about £2000 more than what my current car is worth.

As I need to pay for the car ASAP I am considering getting some kind of loan out to pay for it upfront, and then ideally pay a big chunk off as soon as my current car is sold.

I've started a new job which should see me bring in an extra £1000 per month, so should be able to pay it off fairly quickly.

My bank (HSBC) have suggested the FlexiLoan which looks like it acts as some kind of Credit Card account in a way. My only concern is that it's 17.9% APR (variable.)

Has anyone got one of these loans, what are they like? I guess as I would have paid the loan off in about 3 months means i would really pay buggery squat in interest?
 
I considered that but I would be buying the car privately! Isn't using a CC for cash withdrawls usually pretty damn expensive?
 
Last edited:
Not with a credit card no. You can get a SBT credit card to withdraw ~£5,000 directly do a bank account, but you will still get charged.
 
Flexiloan is ok, if you are definately going to pay it off within a couple of months.

The interest is obviously higher than a regular personal loan, but it's basically like a big overdraft.
 
Get a credit card with 0% on balance transfers and transfer the money to your current account. There will be a small charge of around £30-50 based on the amount you're suggesting but otherwise it will be interest free for a set period of time.

Sign up to Egg (www.egg.com) through Quidco (www.quidco.com) and get £30 cashback as well.
 
You must log in or register to reply here.
Back
Top Bottom