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Tp pay off or not to pay off????
lauren1983
Posts: 192 Forumite
in Loans
Hi ,im fairly new here and wondered if anyone would have any advice for me.
i will try to make it quick thanks.
Right,
I took out a loan for £5000 at 6.35% ( £5883.60 inc interest) over 60 months.
I have paid about £1600 off through monthly payments already.
Im am about quarter of the way through and can pay it off for £4046.66.
To pay it off i would have to sell my car (and get a cheaper,older one) and use about £500 of our savings.Leaving us with about £2500 of savings left.
I just wondered whether i would be better off getting rid of debts and save for what i want.
Any suggestions would be great.
Thanks
Lauren
i will try to make it quick thanks.
Right,
I took out a loan for £5000 at 6.35% ( £5883.60 inc interest) over 60 months.
I have paid about £1600 off through monthly payments already.
Im am about quarter of the way through and can pay it off for £4046.66.
To pay it off i would have to sell my car (and get a cheaper,older one) and use about £500 of our savings.Leaving us with about £2500 of savings left.
I just wondered whether i would be better off getting rid of debts and save for what i want.
Any suggestions would be great.
Thanks
Lauren
0
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