Egg Personal Loan Help?

Rinko

Hi Everyone,

I am trying to buy a car at the moment and am looking at the most effective way to finance the purchase. The car I am looking to purchase is £7,000 - and I have £4,000 which I have scrimped and saved to put towards it, but which is dotted around in different savings accounts etc.

What I intended to do was to take out a loan (I have looked around and Egg seem to be offereing what I am looking for), for the full amount and have it paid into my current account so that I could withdraw it in cash and make the purchase (as the seller has offered a discount on the £7,000 price).

By taking out this "large" loan I would qualify for Egg's lower 7.9% APR rate - but I would then look to pay off the £4,000 I have straight away and reduce my total repayment amount and the interest I would incur.

Has anyone had any experience of doing this? If so, did you have any problems/extra fees/hidden suprises?

Also - if anyone else know's of a better alternative to Egg's flexible personal loan - one which specifically offers no penalty on overpayments etc and one which would allow what I am proposing?

I would alse be grateful if someone could give me an indication of the total repayable amount including interest of what I am proposing based on a monthly repayment of between £150 and £200 as my math skills are to say the least "rubbish"!

Thanks in advance,

Regards,

Paul.

P.S. - I am definately not taking out payment protection as I already have a policy as part of my morgage which would cover this.