MoneyBarn - Car Conditional Sale

Tremour-88

Hi everyone, when I started my job I took out a car on a Conditional Sale agreement with moneybarn at 34.4% APR (Yes, stupid I know), I currently pay £228.11 a month over 4 years, I started it on 21/02/2013

So far I've paid £2,188.03 and have £8,668.18 left to pay.

Want I wanted to know was if I make lump-some payments such as £300 extra a month would this reduce my capital I owe and in turn reduce how much interest I get charged? (A rebate?)

I just took out a £2,000 loan with Ratesetter and cleared all my old debts and now pay a nice £62 a month at 11% APR on those so I want to throw as much cash as possible at moneybarn however when I spoke to their advisor on the phone they said you only get a rebate on a full settlement and not partial early settlements.

Any help would be great

simeyb

That's going to depend entirely on the small print in your loan agreement in respect of making overpayments - some lenders will let you and some won't - some will let you make overpayments of as much as you want and some will restrict it - impossible for anyone to tell you without looking at your agreement. Have you looked?

Tremour-88

I have looked however none of it makes any sense to me, I can upload a pic of the small print if needed.