credit card or loan?

A question about : credit card or loan?

hello everyone I am just wanting some advice,

I have a car on finance and the APR is 16.7 % I am looking at trying to get a new loan at a cheaper rate or getting a credit card and doing a money transfer to pay the finance off, problem is the balance is Ј12000 to clear the finance, would I be able to apply for 2 credit cards because my credit limit will probably wont be enough for just one card, or do I just apply for a loan at a cheaper rate? I have a very good credit rating and have checked with the credit reference agencies,

many thanks Craig.

Best answers:

• why is your current loan 16.7% if your credit rating is so good?
• if you were looking for another loan, there is no guarantee to the lender that you will use the loan to pay off the existing loan so they will look at it that you want to borrow Ј12k in addition to your current debt so you will need a fairly high salary to support this level of borrowing (Ј50k?)
• Your credit rating means nothing, pick a lender and apply, try your own bank for a start.