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Two loans over to a 0% Credit card?

24

Comments

  • r6demon
    r6demon Posts: 14 Forumite
    YorkshireBoy wrote: »
    I know...you said earlier. I was telling you 'why' the numbers didn't tally with what you thought, ie their 90% rule.

    OK Sorry thank you, I thought you meant that I had mis calculated the amount when it was actually given to me by the woman sorting out the card.

    It might be a different question now anyway in my last post as I can't pay the AA loan with a CC which I never realised.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    you might like to note that your HP loan is NOT 7.8% APR but actually about 15% APR
    check your detailed T&Cs
    (the sales stuff may say 7.8% flat rate which is the usual con that most car sales lie about)
  • r6demon
    r6demon Posts: 14 Forumite
    CLAPTON wrote: »
    you might like to note that your HP loan is NOT 7.8% APR but actually about 15% APR
    check your detailed T&Cs
    (the sales stuff may say 7.8% flat rate which is the usual con that most car sales lie about)

    I do hope not as a close family member sells us all our vehicles! Is there a way of checking?
  • Quimoi
    Quimoi Posts: 128 Forumite
    edited 11 December 2014 at 2:45PM
    r6demon wrote: »
    So if I pay the loan off in two instalments of say £4220.70 and then £6 I would only pay the 58 days interest on the £6 apparently?

    You would need to check your loan agreement (or ask the lender).

    Some loans allow overpayments with no penalty - in which case as you have suggested pay the majority off and leave a small balance.
    Other loans will charge you interest on overpayments - still cheaper to make the overpayment rather than paying interest on that amount for the full term of the loan term.

    Edit: Unfortunately Clapton is correct - your APR on the car loan is 15%.
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
    The % quoted is not always the flat rate.
    I was quoted a figure and is the APR (I made sure by calculating it before i bought the car), and every time i read on here that the flat rate is always quoted. :)

    So hopefully for the OP it was the APR, and not flat rate.
  • r6demon
    r6demon Posts: 14 Forumite
    We should be able to work it out from the figures above?

    £9835
    48 mths

    £273.75. Total paid

    £13,140 total credit including interest?


    What's that as I have no idea between flat or even how APR works :(
  • Quimoi
    Quimoi Posts: 128 Forumite
    It's 15% APR.
  • Paully232000
    Paully232000 Posts: 2,108 Forumite
    sorry to say that is in the region of 16% APR
  • r6demon
    r6demon Posts: 14 Forumite
    I suddenly feel very sick as I am on the way to babysit for said individual ;(
  • Quimoi
    Quimoi Posts: 128 Forumite
    r6demon wrote: »
    I suddenly feel very sick as I am on the way to babysit for said individual ;(

    They may not like your babysitting bill then :rotfl:
This discussion has been closed.
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