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Car loan...help?

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  • LeShark
    LeShark Posts: 66 Forumite
    Part of the Furniture Combo Breaker
    And a final update...

    Going through a different dealer I managed 7500 for my current car and getting a another one for 4300. They are giving me a cheque for the old car to pay off my personal loan plus a bit extra. I've then financed the cheaper car on a lower APR than I was originally paying over a shorter term of 2.5 yrs.

    Positives:
    1. Used to owe 7500, now 4300
    2. Old APR 8.4, new APR 6.9
    3. Old payment term 60 months, new payment term 30 months
    4. Old engine 1.6, new 1.4 (lower tax AND lower insurance)
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