help with loan information

jsek

Hi can someone please explain a recent loan i was accepted for. The early settlement part states that if i repay early the settlement the amount i would have to pay per 1000 would be as follows: if settle within a quarter of the repayment period the settlement figure would be 782.70, if half has passed i would pay 541.38 and if three quarters have passed i would pay 280.99. The loan is for 4 years and for 10,000. What would i have to pay back if i paid at the three year mark? The monthly payments are 242.38 at 7.9APR. I am totally lost with this, can someone help????
Am i better going for car finance instead at a similar rate of interest?
Thanks

CLAPTON

after 3 years you pay 280.99 per 1,000 borrowed

so you would pay 2,809.9 if you had borrowed 10,000

jsek

Hi Clapton i knew you would answer. So is this, in effect, the final settlement figure that i would owe after the three years to clear this debt? and i would pay similar with car finance i presume?

jsek

hi clapton, can u reply to my last post, you seem to be a person in the know
cheers

CLAPTON

I'm afraid I don't know the rules that apply to HP for early settlements, so I'm afraid I can't answer that.