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Cheapest way to settle loan
alex041110
Posts: 2 Newbie
in Loans
I have 12 months of a loan left to pay.
The total left over 12 months is £4776
I have asked for a settlment figure and that is £4572.
Would it be cheaper yet again if I make an over-payment of say £4200 then call again for a settlement figure on £372?
I tried to get this information from the bank but they tried to sell me a new loan at a cheaper rate.
The total left over 12 months is £4776
I have asked for a settlment figure and that is £4572.
Would it be cheaper yet again if I make an over-payment of say £4200 then call again for a settlement figure on £372?
I tried to get this information from the bank but they tried to sell me a new loan at a cheaper rate.
0
Comments
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why not just pay it off if you have the money?0
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I definitely can make an over-payment. They did confirm that over the phone when I asked for the settlement figure.
@RPW - I could just repay the settlement but I am trying to use expert advice to save some money :rotfl:0 -
With some lenders/loans it would be cheaper, as you'd pay less early settlement interest, with others it would make no difference. Depends on the t&cs.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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Why don't you pay off the entire loan apart from one instalment, when the DD is taken the loan should finish naturally. Depending on your ts and cs you could avoid two months interest for settling early.Debt-Free day 30th September 20140
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Why don't you pay off the entire loan apart from one instalment, when the DD is taken the loan should finish naturally. Depending on your ts and cs you could avoid two months interest for settling early.
This. It's exactly what I did just before Christmas.I was a DFW, now I'm a MFW :T0
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