Car loan

fabricator

I want to pay my car loan off so i asked the lender for a final figure,I have 18 months left @152 per month.the figure they gave me is 18 @152=.£2736.00 would this be correct?

redpete

Are you asking if 18 * 152 = 2736? If so the answer is Yes.

Or are you asking if it should be 18 payments to pay off a loan that has 18 months to run? If so the answer is maybe but it depends on the agreement you signed up to; I would normally expect you to have to pay maybe 2 monthly payments as a fee to pay it off but not the same amount as if you let it run. On the other hand maybe the lender doesn't offer any discount for paying it all off in which case their answer is correct.

Consumerist

You should look at your loan agreement to see what it says about early repayments.

Edit
You may find this OFT article of some interest. You can download (here) The Consumer Credit (Early Settlement) Regulations 2004 referred to in the article.

fabricator

Many thanks consumerist the links are very interesting,redpete thanks also and sorry I didn't explain very well