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New Bank Loan
I have a loan with IF at 9% apr paying back £200 p/m. I have £4000 left to pay and just over 2 years left to pay. I would like to change to a cheaper loan and pay it off sooner, can anyone advise me of where to go. I would like something over 1 or 2 years with no penalty for paying off early????
Cheers
Cheers
0
Comments
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If you'd only need a £4k loan then you're probably best off sticking where you are at 9%. A lot of lenders are advertising rates of 6.5%-7% at the moment but I think these are all for loans of 5K or 7k upwards, and below that the rates increase dramatically.0
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Good advice from poster above. Can you not make lump sum repayments which would reduce time it took you to pay off balance and reduced total interest charged?
Eric0
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