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Tesco Loan
Hi this may be a silly question, but is it possible (or worthwhile) to take out a loan for more than I need to get a lower APR then use the difference to pay a lump sum off the loan and reduce the monthly payments?
I know Tesco have the facility to pay a lump sum on their loans and either reduce the period or monthly amount and just wondered if this was a way to get a better APR.
I know Tesco have the facility to pay a lump sum on their loans and either reduce the period or monthly amount and just wondered if this was a way to get a better APR.
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Comments
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It can work out cheaper. Although also applying for more could increase the risk you are declined (although obviously that depends on your finances, earnings, etc).A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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It can work out cheaper. Although also applying for more could increase the risk you are declined (although obviously that depends on your finances, earnings, etc).
Thanks for the reply I think I need to see how much the monthly payment figure differs (once adjusted for the overpayment) between the two amounts and take it from there.0
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