Loan Repayment Question!

tiggermadvic

Hi guys,

As you may have seen from my other posts I am desperately saving to buy my first house!!! I have always had a budget account which works really wel for me but after reading Martin's book- I decided to look carefully at my out goings!!! My biggest outgoing at the moment is my loan repayments for my car!! Hopefully this is where you guys come in!!!

In 2004 I took out a loan for £7000 to buy my first car over 48months (4 years), at the moment I am paying £165.13 repayment and £21.97 insurance loan repayment cover! So paying back a total of £8,980.80. I am in a very secure job (NHS) and if I was off sick I would get 6 months full pay and 6months half pay and in addition to this I have savings!! I am thinking of switching my loan to a new company and not taking out insurance cover with them but maybe taking out independent insurance cover!

What advice can you give me?

Thanks xx

Evie_P

tiggermadvic wrote:

Hi guys,

As you may have seen from my other posts I am desperately saving to buy my first house!!! I have always had a budget account which works really wel for me but after reading Martin's book- I decided to look carefully at my out goings!!! My biggest outgoing at the moment is my loan repayments for my car!! Hopefully this is where you guys come in!!!

In 2004 I took out a loan for £7000 to buy my first car over 48months (4 years), at the moment I am paying £165.13 repayment and £21.97 insurance loan repayment cover! So paying back a total of £8,980.80. I am in a very secure job (NHS) and if I was off sick I would get 6 months full pay and 6months half pay and in addition to this I have savings!! I am thinking of switching my loan to a new company and not taking out insurance cover with them but maybe taking out independent insurance cover!

What advice can you give me?

Thanks xx

Well guy I am not but it is a similar position to the one i will be in shortly looking to re finance my car loan as i intend to downsize ( house wise not car wise (hopefully it won't come to that). i have income payment protection for my mortgage which would cover the shortfall of wages. I am a nurse but currently outside NHS. so this was the route i took. having said that as a single parent they can be quite huffy about not doing payment protection, but that probably won't apply to you.

Good luck and let me know how you get on!

All the best