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Loan to pay off Car Finance

Benh13
Benh13 Posts: 1 Newbie
in Loans
Hi...

Should I get a personal loan (with cheap APR/interest) to pay off my car finance (high APR/interest) to save money?
Is this allowed/possible!

Thanks!

Comments

  • Nicholas_Puri
    Nicholas_Puri Posts: 5 Forumite
    It would be allowed as long as you are approved. It is always wise to try and lower your debt costs where possible. If you are getting a loan over the same term, it makes thing straight forward, but if you are getting a loan over a longer term please make sure you calculate overall costs for the duration of the loan to make sure you are not going to pay more in the long run.

    In addition to this, check out possible costs for early repayment etc. on the car loan.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • chalkie99
    chalkie99 Posts: 1,618 Forumite
    Part of the Furniture Combo Breaker
    Nicholas Puri reported for spammy sig.
  • Nicholas_Puri
    Nicholas_Puri Posts: 5 Forumite
    chalkie99 wrote: »
    Nicholas Puri reported for spammy sig.

    Are you kidding me? A Twitter account? Not exactly spam is it. Besides, have a look at my messages so far, they are hardly spam messages, they are genuine lengthy responses to people's issues.

    You could have just sent me a message to tell me about your concerns regarding my sig, no need to report and then publicly post on a forum. Seems a bit over the top and childish.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
This discussion has been closed.
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