do all lenders offer flexible loans?

nomis21

Hi looking to buy a new car, i have been looking at financing options, i have decided a loan would be best, i have worked out how much the payments will be and the term which suits my circumstances.
what id like to know is....would i be able to pay more than the minimun payment each month to reduce the term? Do most lenders offer overpayments to be made?
i have been accepted for finance by a reputable car sales garage and there apr is 6% i know i can get it cheaper after doing comparison searches, but i query the flexibilty of overpayments from lenders.
Any advise or recommendations would be appreciated.
thanks

lee111s

Yes I belive all now have to allow you to make overpayments to pay off the loan early.

DCFC79

The finance option at 6% is good. Do the comparison sites credit check you ?
You tried your own bank

nomis21

DCFC79 wrote: »

The finance at 6% is good. Do the comparison sites credit check you ?
You tried your own bank

Yeah i thought 6% is fair but seen cheaper m&s are offering 3.6% i have not done a comparison credit check .....i know they say it doesnt affect yr credit file but still wary that my credit file will be marked.

Apples2

Reputable and car sales garages do not normally go together.
Are you sure it is 6% APR and not 6% Interest rate?

The overpayment facility will be in the terms and conditions. Make sure you read them.

matttye

Some lenders won't let you reduce the term, but they can't stop you from paying the whole thing off early (which is effectively the same thing).

Eg. When I make overpayments on my PCP loan, I can either reduce the balloon payment or reduce the monthly payments, but reducing the term isn't an option. To reduce the term I would have to pay off the entire loan early.