A Quick Loan Question

sunshinesquirrel

Hi

I wonder if any of you fabulous MSE'rs can give me a bit of advice. I have a personal loan with Mint for £11,000. It was taken out in December 2006 (with first payment in Jan 07) over 72 months. My monthly payment is £249.76 and the APR is 8.3%(I also have insurance on this loan totalling £3,230.24). I would like to pay off this loan asap. My question is should I keep this loan running and see if Mint will accept regular overpayments or see if I can get another loan elsewhere (Sainsbury 7.99%) over a 2 year period at around £349 per month. (I haven't got a clue as to whether I would save anything or not by doing this!!!) Settlement figure for the loan is £7645.45

Advice greatly appreciated.


Thanks

cooltt

Hello Sunshine
This one is quite simple, ring sainsbury, tell them the loan you want over 2 years etc and ask them what is the total repayable. If it is less than your settlement amount with mint then the sainsbury loan would save you money. Just asl sainsbury give you a quote NOT go through the application process at that point or they will search your file and you may not want the loan anyway.

Your other question about making over payments to your mint loan is a no. They make their money buy you paying the same amount over the period of the loan so it's not in their interest to allow you to pay it off quicker by making over payments.Very few fixed term loans allow you to do this, it's more common to do this on morgages.

sunshinesquirrel

Thank you cooltt. Much appreciated.