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Inexperienced Borrower
Stockylad_2
Posts: 3 Newbie
in Loans
I took out a loan for £ 13795 over 5 years to buy a car. The rate I got was 7.5% variable. I can pay back the loan in full after a quarter of the term and pay £ 11240. In additon I pay an extra £ 50 per month off the loan.
I see in the rate table that I am not getting a particularly competitive rate.
My questions are,
1. Can I gain by switiching ( I am 9 months into the loan)
2. Is it worth paying the extra £ 50 or is it better going into a savings account.
Please help, I hate the thought I am paying my bank any more than they deserve.
I see in the rate table that I am not getting a particularly competitive rate.
My questions are,
1. Can I gain by switiching ( I am 9 months into the loan)
2. Is it worth paying the extra £ 50 or is it better going into a savings account.
Please help, I hate the thought I am paying my bank any more than they deserve.
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