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£670 for 6 weeks loan
grand-poobar
Posts: 11 Forumite
in Loans
we took out a car loan with stoneacres (lincoln) who fiananced the loan £6500 with barclays motor loan, when i enquired about paying the loan off early, the letter says it will cost me £670 to get out of this £150 admin, £150 closure, and £370 interest is this right after only a 6 week loan.and paying it off 34 1/2 months early..????
the interest rate is 7.75% per year flat rate
apr 18.08%
charge for credit £1844.64 rebate for early settlement £1397.44
settlement figure £6942.20 + 1st payment £227.49
total cost for early repayment £674.69for a 45 day loan.....
loan taken out over 3 years
the interest rate is 7.75% per year flat rate
apr 18.08%
charge for credit £1844.64 rebate for early settlement £1397.44
settlement figure £6942.20 + 1st payment £227.49
total cost for early repayment £674.69for a 45 day loan.....
loan taken out over 3 years
0
Comments
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Welcome to MSE
I does sound excessive could you post more details of the contract and the interest rates they are charging you and someone will be able to help.
Have a look at the early payment charges section and post that here.0
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