Paying off loan with another loan

kueitka

paddy, i think thats right. A saving of £700 and pay off a year early.

paddyrg

If that's right and I haven't messed up, and if you can steer clear of hefty setup fees, then you're still better off sooner, especially if you can overpay regularly :-) Sounds worth doing to me :-)

kueitka

What i ended up doing was doing a super balance transfer from a Virgin CC at 0% (except 4% Super BT fee) and budgeted to pay this off within the 0% period. I also used some of Credit Union savings to pay off a bit.

So in effect went from 14.1% APR to 0. Be paid off MUCH earlier and at a reduced cost. Only negative was using some CU savings, but trying to get that back up too.

Wonder why more people don't do this? Maybe they do...