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Car Loan
tinkerbell81
Posts: 34 Forumite
in Loans
I recently took out a loan for a car (with the car company) and my monthly payments were calculated with the interest applied in each monthly payment. Since the interest rates have dropped quite dramatically is there a chance that I can get my payments reduced. I know I'll still have to pay back the money I have borrowed, but a reduction on the interest I'm being charged.
Would anybody have any idea?
Would anybody have any idea?
0
Comments
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Unless it was a variable rate loan (unlikely) then no, your payments won't reduce.
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Ah well .... i'll check the paperwork anyway just in case, but thanks0
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Almost all unsecured personal loans are fixed rate. If the interest rate suddenly went up dramatically (as it has done in the past), would you be happy to pay more each month? Thought not.I used to think that good grammar is important, but now I know that good wine is importanter.0
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I dare say if it HAD been a variable rate loan, your repayments would have soared irrespective of the interest rate cuts0
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take a bank loan with a lower rate of intrest to pay the balance of the car off0
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