Got my [Car] Loan in error - what do I do when I've sold the car..?

MervynKing

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

CLAPTON

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 facts

MervynKing

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

CLAPTON

two months worth of interest is

£7,600 x 8% x 2/12 = £101

Clive_Woody

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.