Barclay Loan Overpayment?

KittyKate

Hi All,

My car has broken and I need to take a fairly short term 13k loan to replace it. I'm pre approved with Barclays, at a rate of 6.7%, but I can't get a clear understanding of the option to overpay and what the penalty would be for early repayment. Can anyone give an idea of what this would be? I don't mind leaving the loan running if I have to, but I plan to expand the family with hubby in about a year, so I'd rather not go into maternity leave with debt repayments to think about.

Thankyou!

Herzlos

If you're worried about the debt, do you need to spend £13k on a car?

You'll be able to get a pretty decent car for half of that easily, even if you have very specific requirements.

Pixie5740

Usually the early repayment fee is one month's interest I think. Whatever the fee for repaying early is it is probably cheaper than keeping the loan for the full term.

Also, you might not be offered a loan at 6.7% as Barclays don't know what your rate will be until they do a full credit search. Just something to keep in mind.

intheknow15

Hi their is no fee for partial overpayment at the moment.

THe fee for full settlement of your loan is 30 days interest in addition you will have to pay accrued interest for that month.

The 6.7 percent is the personalised rate rather than the representative rate. This assumes you have used th final slider options online application.

DCFC79

intheknow15 wrote: »

Hi their is no fee for partial overpayment at the moment.

THe fee for full settlement of your loan is 30 days interest in addition you will have to pay accrued interest for that month.

The 6.7 percent is the personalised rate rather than the representative rate. This assumes you have used th final slider options online application.

As the thread is from last year I suspect the OP has got it sorted.