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Loan Early repayment decision
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Jaggerlips
Posts: 1 Newbie
in Loans
Hey everyone, new to the forum and first post!
I am looking to buy a new car for around £25k and am going to get a loan. I would be able to pay back the whole lot next year and wondered what the best way to do it would be.
If i borrowed £25k over 10 years the monthly payments would be approx.. £300 PCM.
Over 5 years they would be approx. £500 PCM.
Does it make any difference the loan term if you are planning to pay off at the same time (in this case, 12 months time). This may be obvious but I'm all number crunched out trying to decide what to do!
Looking forward to your response.
I am looking to buy a new car for around £25k and am going to get a loan. I would be able to pay back the whole lot next year and wondered what the best way to do it would be.
If i borrowed £25k over 10 years the monthly payments would be approx.. £300 PCM.
Over 5 years they would be approx. £500 PCM.
Does it make any difference the loan term if you are planning to pay off at the same time (in this case, 12 months time). This may be obvious but I'm all number crunched out trying to decide what to do!
Looking forward to your response.
0
Comments
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Jaggerlips wrote: »Hey everyone, new to the forum and first post!I am looking to buy a new car for around £25k and am going to get a loan. I would be able to pay back the whole lot next year and wondered what the best way to do it would be.If i borrowed £25k over 10 years the monthly payments would be approx.. £300 PCM.
Over 5 years they would be approx. £500 PCM.Does it make any difference the loan term if you are planning to pay off at the same time (in this case, 12 months time). This may be obvious but I'm all number crunched out trying to decide what to do!0 -
Just wait next year then...or buy a car you can actually afford.0
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