financial q re car finance
Discussion
Much appriciated if I can some experienced views on this.
Got car finance over 5 years and I am coming up to my first year of paying it off.
would I benefit from paying it off at the first year with a lower rate personal loan in terms of apr rebates, or would it make sense to leave it for a while longer?
Cheers
Got car finance over 5 years and I am coming up to my first year of paying it off.
would I benefit from paying it off at the first year with a lower rate personal loan in terms of apr rebates, or would it make sense to leave it for a while longer?
Cheers
2 sMoKiN bArReLs said:
Are there penalties on current loan for early redemption?
What are current rates?
Is it hp or lease?
Will England win the world cup?
1-will find out
2-standard finance at 13.9% apr. Can do bank loan for 9.9%
3-I will ask the finance company this also, they know more than they let on...
You will probably find that your settlement figure will be very close to the amount you borrowed - if not more. At the beginnning of an agreement you dont pay much capital off, just interest.
You should receive a rebate on the interest; but get charged 3 months additional interest - and not the rest! Rule of '72 IIRC
You should receive a rebate on the interest; but get charged 3 months additional interest - and not the rest! Rule of '72 IIRC
top-tip...
I used a finance deal for my double glazing and was able to pay off a lump sum, leaving something like 3 months payments left on the account, which then cleared by monthly direct debit with no early redemption penalty.
If you decide to take out another loan elsewhere, it's worth checking your existing loan t&c's to see if this is an option.
I used a finance deal for my double glazing and was able to pay off a lump sum, leaving something like 3 months payments left on the account, which then cleared by monthly direct debit with no early redemption penalty.
If you decide to take out another loan elsewhere, it's worth checking your existing loan t&c's to see if this is an option.
monkeyhanger said:
Can do bank loan for 9.9%
9.9% is way over the top for a loan.
Cahoot will do something like 5.8% APR...
not necessarily.
it depends on credit score, it may well be that our friend can only qualify for 9.9%...as unsecured loans are so simple though it will be well him worth checking moneysupermarket.com for the lowest loan rate
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