working out how much owed

marksward

well kind of got some steam going sorting out some areas I can save some cash. One being my car loan. Problem being that the loan co is shut over xmas). My steam may well have run out by Tuesday when I'm back at work!

Is there a simple way to work out how much I owe?
Loan was for 4158.70
apr 16%
term 48 months
started on 30-july-2004
no payment protection or anything.

Trying to work out how much I owe so I can sort out a better loan apr to repay and if I can pay it off any quicker!

cheers
Impatient Mark!

jobbingmusician

Before you go to this much effort, have a quick glance at your loan agreement and check there are no horrible penalties for early repayment

grumbler

£2976.66

http://www.bankrate.com/brm/popcalc2.asp?unroundedPayment=73.39024610613762&loanAmount=4158.70&nrOfYears=4&nrOfMonths=48&interestRate=16&startMonth=6&startDay=30&startYear=2004&monthlyPayment=+++++%3D%3D%3D%3E&showAmort=Show%2FRecalculate+Amortization+Table&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=11&oneAdditional=0&oneAdditionalMonth=11&oneAdditionalYear=2005&paidOffDate=May+28%2C+2007

marksward

thanks for the replies. Thankfully no penalties (least I can't find any in the large or small print!).
cheers for the link to bankrate - that really does the job!
M

mrcow

Give them a call on Tuesday and get a settlement figure from them. Did you take out payment protection insurance with the loan? as this can affect settlement amounts.

Once you have this figure from them and have shopped around for an alternative, come back and post details.

Make sure that you are getting a competitive rate and aren't being made to take out any compulsory insurances, as once you've signed up, it can often be difficult to change your mind.

If your credit rating is good, then a 0% credit card deal could give you the cheapest/most flexible option, but it will depend on your circumstances, and you need the discipline to NEVER spend on the card (and cut it up/cancel account once the balance is cleared!)

Take care and Happy New Year.