Flexible Loan Suggestions

Djmitch21

Hi Everyone,

I'm sure this has probably been discussed many times previously but, other than Cahoot, can anyone recommend any flexible loans?

I am trying to buy a new car but I still have 1 year left to pay on a previous loan. Therefore, a flexible loan would be handy as it would allow me to pay lower payments for my first year and then when my other loan is paid up I can increase my payments.

Rafter

Might be worth seeing what the settlement value is on your old loan. If it was taken out a while ago the interest rate may be much higher than you could get now and worth paying any penalty to close your first loan early.

Other options would be to use a credit card with zero% and shuffle debt around or take out a larger loan than you need for the car (you might get a better rate anyway), put the money you don't need into a high interest savings account and then use this money to pay your exisitng loan payments.

Consolidating might be your best option though if the penalty isn't too bad.

R.