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Is it benificial to over pay on fixed term loans?
wizard3891
Posts: 243 Forumite
in Loans
Apart from being free of it sooner is there actualy any benifit or savings to make if we were to over pay on our fixed monthly payment on a loan?
Thanks
Thanks
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Comments
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We have been doing this and found it has made a huge difference with the interest we have paid and being shot of it quicker is helping the DFW motivations.0
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wizard3891 wrote: »Apart from being free of it sooner is there actualy any benifit or savings to make if we were to over pay on our fixed monthly payment on a loan?
Thanks
you need to read the T&Cs as some loans don't allow overpayments or if they do just 'hold' the money and so the overall interest isn't reduced.0
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