Pay off loan

Rhi80

Hi all
Can I pay off a loan with a balance transfer to a new 0% credit card. Don't know if this is allowed but the interest on my loan payments is high and I want to lower it somehow.
If anyone can give me a bit of advice it would be much appreciated.
Thanks.

debtcutter

You need one which allows "money transfers" sometimes known as "Super balance transfers"

Have a look at this: http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

Have you already got the 0% card?

Rhi80

Hi,
Thanks for the link for super balance transfers, this may be an option. I have not got a new 0% card yet but am really looking for ways to reduce the interest I'm paying on my loan (jumped in to quickly when my bank offered me it) as am paying around £40 a month interest for the life of the loan.
Also thought about applying for another loan with a cheaper rate but dont know if this is a good idea.
Any more advice would be appreciated.
Thanks.

somethingcorporate

Well any lower % rate will save you money, assuming the transfer / early repayment penalties do not mean you inadvertently pay more.

The SBT cards often have a fee (~4%) for cash advances so you need to factor this in if you go down this route.

Moneymash

Is there anyway you can make overpayments on your loan, until you get cheaper credit sorted? Remember too many searches on your credit report will hinder your chances for decent low cost credit, so think wisely before applying and look into soft searches if you can.