Pay loan of early ?

k_moor25 · 11 January 2011 at 4:12PM

Hiya

I have a loan and my last payment is 2014 and I was wondering if I pay it off 2 years early do i get some intrest knocked off?

CLAPTON · 11 January 2011 at 4:21PM

yes, you will get a rebate of the interest compared to paying for the full term.

paddyrg · 11 January 2011 at 4:28PM

However you may get some kind of 'early termination fee' - talk to the loan provider, they can answer this question exactly for your circumstances and agreement.

k_moor25 · 11 January 2011 at 4:31PM

ok thanx everyone

CLAPTON · 11 January 2011 at 4:41PM

the early termination fee is a maximum of about 2 months interest
but yes you need to ask your loan companay for a settlement figure

vicky_30 · 11 January 2011 at 5:04PM

Yes you will save on the interest left on the loan.

buffy1981 · 13 January 2011 at 10:03PM

Having same prob, dont understand the early settlement, i have a loan with 18months left to go and i owe £2800 but if i want to repay it back now they want £2700, they are only taking £100 off. I cant believe it:mad:

Pay loan of early ?

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