Thing is I more than likely will clear the top up/ loan I get now as have savings of that amount maturing from bond in 2 years time.
A personal loan for that amount will make things quite tight for me as shorter term plus have car loan of 350 pm also aswell as my mortgage.
Agree with Brendan. If things are going to be tight then wait until you can afford it if possible.The second thing to do is to ask yourself whether you can defer the work on your attic until the bond matures.
(10 year an post solidarity taken out back when rates were good).
Why did you not use your savings to pay for the car?Thanks for all advice. Bond is high interest Return so don’t want to cash in early (10 year an post solidarity taken out back when rates were good). Car loan 7.9pc. Credit union sounding like good option to save the paper work with top up from what you saying. Plenty to think about
Yes Brendan that’s the one so definitely won’t be cashing in . Shame these rates long goneIs this the product
View attachment 4995
So if you invested €100, and cash it today after 8 years , you will get €108
If you wait two years, you will get €135.
So that is a return over the next two years of 11%. Yeah, you have to hang on to it.
Brendan
Tks for reply. Had good bit of equity in previous car which carried into this deal. 2 years left on this but need additional space now... defeats purpose if I wait 2 years to do if u followWhy did you not use your savings to pay for the car?
I think you'd be mad to borrow more money when things are already tight for you. I suggest you need a money makeover to see what else is wrong.
Thanks for reply and suggestions. Brave move to take out credit cards but great it worked out well for u. Good discipline!! Might do that if I go over my budgetHi deedum, I was in exact same position as you 2 years ago. I done a attic extension and cashflow was tight. First things first you say it's going to cost 30k. I'm telling you now it will be closer to 40k by time you are finished. I had budget of 25k and used plenty of friends in trade and it cost me closer to 40k and price of material has gone through roof the last 6 months timber steel etc. This is how I funded it 5k savings- 5k interest free loan from family-20k advantcard personal loan 5.9% over 5 years- I also put 10k on a new credit card interest free for 12 months. I still didnt have the funds to pay credit card after 12 months so.just rolled it into new card interest free for another 12 months. Cashflow has been much better this year so cleared the credit card that I had for 24 months interest free and paid back family member. In total I funded 35k personal loan over 5 years on little above 3%APR so just a little above my mortgage rate. Best of luck with attic it's well worth the extra cost.
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