My original car is paid off but its over 10 years old, and it is finally starting to act up. Check engine light keeps coming on, and it runs like its on its last legs.

So I looked on ebay motors, and Ive found a couple of auctions Ive thought of bidding on, all of the cars around $5k. So I was thinking of putting the money on a credit card but it would max it out. I dont want a bunch of credit pulls on my credit so is there another way to get 5k without a big deal? I do belong to 3 CUs but the longest Ive been with the oldest one is 14 months. Would they give me that much of a loan without hassle (i.e. having to send them docs and them pulling multiple inqs)? Could they just approve me based on my credit?

thanks!

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Call the creditor to see if there is a balance transfer offer on the card you are going to use. If so, ask for the BT to be a direct deposit into your checking account(3-5 biz days); if they won't DD, ask for the BT to be sent to you as a check(5-10 biz days). If neither of those are an option, BT the 5K to the lowest balance card you have(perferably one w/$0.00 balance), once the BT is applied to that card, you will have a credit(overpayment) on the account, then call the that creditor and tell them to mail you a check for the credit amount(10-14 biz days). Better than paying the purchase rate.

Oh yeah, make sure the BT fee doesn't take you OL or you will be SOL .

wow thanks. does this really work? have you done it before?

sho 'nuff...this ain't my first rodeo

But know this, you credit score will be hammered by the high utiliazation on the card...look below

"utilization"

thats true about the utilization, thats why I was curious about if and how to get a quick loan from one of my CUs without having to go through a big ordeal. One of the auctions is ending today and I wanted to put in a bid. They require full payment within 7 days so that doesnt leave a lot of room for the run around as far as loans...

7 DAYS?!?! You better get on the horn right now!!!

You could simply make an application for a personal loan for the amount at your credit union. That way, it wont have much of an impact on utilization.

Did you have your old car checked out by a mechanic? It could be a bad O2 sensor, or ? If it is something major, then buying another car may be in order. The check engine light comes on for a variety of reasons. Could be something as simple as leaving the gas cap off after buying gas or as major as a tranny going out.

I would apply for an installment loan (auto or personal) at one of the CU's. Like Marv said, it won't have much of an impact on utilization. (won't decrease score as much).

thanks guys for the advice, I decided not to bid today though. I just had a really bad feeling about buying a car off ebay.

I just couldn't get into a binding contract for $5k with just a few pics to go on
I guess I'll just pay to have my car inspected....

thanks again