Car Loan

Noofywoo

Hi, I have a car loan of £5,000 with 13 months still to pay on it. The repayments are £387.99 per month at 11% APR. Should I stick to paying this or is it worth trying to get a credit card or loan to get lower APR if there is such a thing

Thanks Noofywoo

theartfullodger

Before you (or I..) can answer that question we need to know, please, how much the current loan company would want to pay off the loan TODAY.

(I tried £5k @ £389:99/mo for 13 months and didn't get 11% - am I dumb as so many tell me??)

And, has any other loan co. or credit card offered to give you £5k of credit at less than 11%?? Unlikely, I suspect, but you never know.

Cheers & Good luck...

Lodger

Rafter

Noofy,

Unlikely, because you will probably pay an interest penalty for settling early and you still need to work out a way of getting the loan onto your credit card if you went that route.

A short term, <5k loan is likely to come with a >10% price tag too.

Better to let this one go to term in my view - the savings are likely to be marginal.

R.

Cash_Flow

Noofywoo wrote: »

Hi, I have a car loan of £5,000 with 13 months still to pay on it. The repayments are £387.99 per month at 11% APR. Should I stick to paying this or is it worth trying to get a credit card or loan to get lower APR if there is such a thing

Thanks Noofywoo

How many months did you take the loan over