We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Early Resettlement on Car
Options
I was hoping to pay off my car loan early but have just phoned to get a early settlement figure. The amount outstanding is £7,375.91 but I have worked out that, if I continue making our payments (22 months left) it works out at £7,384.30! Wow, a saving of £8.
Can someone tell me whether they would think this is this correct, are they trying it on, or have I missed something?
Can someone tell me whether they would think this is this correct, are they trying it on, or have I missed something?
0
Comments
-
It could be about right. All the payments you have so far have gone towards paying off the interest, which was added to the loan upfront.
These later payments go more (but not fully) towards paying off the capital (the amount borrowed).
HTHWarning ..... I'm a peri-menopausal axe-wielding maniac
0 -
do you have payment protection on the loan?0
-
No, savvy enough not to have that at the time, not savvy enough to have a loan under 60 months!0
This discussion has been closed.
Categories
- All Categories
- 344.2K Banking & Borrowing
- 250.4K Reduce Debt & Boost Income
- 450.2K Spending & Discounts
- 236.4K Work, Benefits & Business
- 609.8K Mortgages, Homes & Bills
- 173.6K Life & Family
- 249K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards