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Get loan or use savings?
My husband and me currently have an offset mortgage account (1.99%.above base rate) and we do have savings which are helping to bring down he interest payments on our mortgage. We need to buy a new car and we've set our budget at £15000 for this. My question is would it be better to get a loan for the car or use our savings? What would the interest rate on the loan need to be in order to pay less interest on this than we would lose if we used our savings? Is it the same as the mortgage rate?
Hope this makes sense.
Thanks!
Hope this makes sense.
Thanks!
0
Comments
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Use your savings. You won't get a loan for less than 2.49%.0
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