Pay Off Loan VS Top Up

debtcutter

What amount are you looking to get, this time?

A rate of 13% for a loan of £5K or under isn't that bad at all. It's actually quite good.

Most advertised rates of <7% tend to be for perfect customers, on high incomes, borrowing >£10K (or at least over £7500)

DutchJohnson81

Oh, is that right? The lady at the time apologised for the rate haha. It's an £8000 loan with just over 5 to pay. Which as I said I'd pay off next spring. Looking to top up another £5k and use the £5k il have in cash OR pay off and go for a £10k loan. Will paying it off be better than topping up in your opinion, debtcutter?

Thanks.

dacouch

Good on you Dutch for your tour, hope you and your colleagues get home safe.

Enjoy your all wages when you get back, you've earned them

DutchJohnson81

Cheers buddy! Appreciate that.

R

tell_it_how_it_is

If I'm reading it right, you'll have paid your loan off AND have £5k free? If so, why not buy a decent cheaper car for around £5k, and not bother with a loan?

It'll certainly be helpful for when you start looking for your mortgage, as the more deposit you have collected for that the better. A bigger car can then be considered (or not) later on.

DutchJohnson81

TIHII, certainly appreciate the voice of reason on this. Lets call it a little treat for if I get back ok. Cheers though.