Advice needed

voxio

I currently have a loan for £10,000 which was used to purchase a car, this agreement was taken over 86 months (bad idea i know) however i'm going to end up paying back a figure of £21,674.52 (looking at the agreement) this includes £5,297.60 for insurance. Im currently in a stable job but currently only earning £17,500 a year (excluding tax). The loan currently costs £258 per month at 10.4% apr, now im only 20 (21 next month) but the apr value seems a bit high compared to loans my friends have (somewhere around 7%!!), i'm wanting to reduce payment per month and have the loan over a smaller period, i was just wondering the best way of going about this?

edit: This loan is with the halifax if this helps.

jonesMUFCforever

First thing to do is get a settlement figure from Halifax.This should include a part refund of the insurance premium but this will not de done on a pro rata basis.
Once you know what is owed, try Halifax first to see if they will reduce their rates by re-financing the loan for you - if not try one of Martin's recommendations, but remember not to do too many applications in a short period of time as this will affect your credit rating.