Rbs loan

calitriuk

hi i have a bank loan of £4000 apr is about 17.9, its over 3 years I have only had it a few months and now I am starting to clear it I am putting the extra money into a savings account, my question is should i pay off bits like £400 /£500 or should I just wait until I have the full £4000 plus the extra I owe not sure the best way to do it

thanks

Tixy

Does the loan allow overpayments? You need to check the original agreement. If it does then you would be best to overpay when you can.

stephane_2

It really all depends if rbs will allow you to pay off some chunks of it, otherwise best to put money on saving account until you reach the right figure. Your agreement should tell you how much you would have to pay once you've made a third or half of the payments (settlement figure + any fees)