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Is my secured loan front loaded?

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CLAPTON Posts: 41,865 Forumite

30 April 2013 at 8:09PM

ch3101 wrote: »

Why would you refinance the loan now?

It's not "front-loaded". That would mean you pay all of the interest first.

It is the way every loan is as it has compounded interest instead of linear.

If you took another loan to cover that, you would then be paying even more IMO.

this doesn't appear to make a lot of sense

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ch3101 Posts: 296 Forumite

30 April 2013 at 11:14PM

CLAPTON wrote: »

this doesn't appear to make a lot of sense

yep, it would be cheaper if they refinance aslong as they get a better rate.

sorry if I got something wrong

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pauletruth Posts: 1,133 Forumite

1 May 2013 at 8:40AM

dump what you have saved into this debt if your allowed overpayment it will make it a lot cheaper for you.

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