Advice please? New loan or suck it up?

sibles

I took out a loan 3 years ago to consolidate my finances, I also took the time and really worked on my spending and have got myself in a much better position, though I still have the loan until Dec2016.

My credit rating has improved and I can now get a loan with a bit lower APR, for the same length of time I have left and less a month (as well as the ability to overpay).

Is it worth changing my loan? Or should I just stick out the one I have?

Thanks in advance

DCFC79

How much is left on the loan ?

Whats your salary ?

Any other debts ?

andymc29

If you can overpay your current loan then just attack it as much as you can to knock it out.

Tixy

When you say you can now get a loan with a lower APR - is that definite? i.e you've applied and been accepted?

Have you found out the settlement figure on the existing loan - and the interest 'penalty' for settling early?

If you can borrow that same amount and pay less overall in repayments that the remaining repayments on existing loan then it makes sense to go for it - how much will you save overall? If its only a few quid it might not be worth the hassle - if its a decent amount then I'd do it.

sibles

I don't really want to talk figures if noone minds?
The APR difference is nearly 3%, current loan is with Halifax and no ability to overpay. did a quote with Halifax and the woman said it was personalised, also did the nationwide soft quote.

This is based on the settlement figure with Halifax.

Thanks everyone!

Tixy

Changing a loan isn't a major hassle - especially if its with the same lender. I think personally if its more than a £50 saving I'd feel it was worth it but if less I wouldn't bother.

somethingcorporate

Well unfortunately not mentioning figures means no-one can really help you. Depending on the loan value and repayment figures there will be a right answer but without the figures it'll be impossible to confirm either way.

Why do you not want to post figures? It makes no odds to anyone here.

sibles

Fair point somethingcorportate
i guess it's a bit of a nothing without numbers. Thanks though.

Thanks Tixy.

DCFC79

somethingcorporate wrote: »

Well unfortunately not mentioning figures means no-one can really help you. Depending on the loan value and repayment figures there will be a right answer but without the figures it'll be impossible to confirm either way.

Why do you not want to post figures? It makes no odds to anyone here.

We can only but try to help.

Good luck with you choose to do OP.