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Got my [Car] Loan in error - what do I do when I've sold the car..?
MervynKing
Posts: 15 Forumite
in Loans
Hi all.
I've been a complete div.
I got a £7600 loan from whoever was best at the time (in November 2009) and have soon realised the car I've bought is not suitable at all and want my old banger back.
Now, as it'll be too late to do anything about the loan (and I imagine the penalty for wanting to pay it back early will be too severe), and assuming I get my cash back when I sell the car (2005 Impreza WRX - got it for good price - even with money spent on mods I should still get £8500 back), I need you to advise me on what I should do with the cash. Obviously £209 per month needs to go into an account that'll pay the loan off every month, but, is there any way I can MAKE money on the rest? Or should I over-pay my mortgage (I've no other debts..)
Should I stick this in any other forum categories?
many thanks for looking..
Steven
I've been a complete div.
I got a £7600 loan from whoever was best at the time (in November 2009) and have soon realised the car I've bought is not suitable at all and want my old banger back.
Now, as it'll be too late to do anything about the loan (and I imagine the penalty for wanting to pay it back early will be too severe), and assuming I get my cash back when I sell the car (2005 Impreza WRX - got it for good price - even with money spent on mods I should still get £8500 back), I need you to advise me on what I should do with the cash. Obviously £209 per month needs to go into an account that'll pay the loan off every month, but, is there any way I can MAKE money on the rest? Or should I over-pay my mortgage (I've no other debts..)
Should I stick this in any other forum categories?
many thanks for looking..
Steven
0
Comments
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if you have sufficient money just pay the loan off .. the penalty will only be two months interest
get a settlement figure and see what it says... why image when you can easily find out the factsEU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
2 months interest on the loan? 8% on £7600 or 8% on a months worth? No idea what it means - if you think it won't be much I'll dig out Loan company number and ask them.
thanks,
Steven0 -
two months worth of interest is
£7,600 x 8% x 2/12 = £101EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
MervynKing wrote: »2 months interest on the loan? 8% on £7600 or 8% on a months worth? No idea what it means - if you think it won't be much I'll dig out Loan company number and ask them.
thanks,
Steven
Around £100.
"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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