Car Loan - reduce payments options

76Fresh

Hi There,

I've currently go a car loan and I'm sure I can reduce my monthly payments by some jiggery pokery plus pay less interest.

I'm thinking of transferring onto a 0% credit card or a money transfer card so that I can pay the same but pay it off sooner.

Not 100% if this is a good way of doing this.

Any hints, tips and advice would be most appreciated on if this is feasible option. There are no fees if I settle in full.

Tixy

It may be an option

What interest rate are you paying on the car loan?
What is the balance and the current monthly repayment?

How much did you want to reduce your monthly payment to?

You'll probably find only a money transfer card will work, as I suspect it is unlikely your loan provider will allow you to pay off the loan with a credit card - but you could check this with them.

76Fresh

Thanks for the reply it is appreciated:)

The interest rate is 12.5 and it's currently at 10500. Monthly payment is 310

I'd like to reduce the term to pay it off quicker rather than reduce the monthly payment. Just been thinking about it recently and thought their maybe a better option ahead and looking for options to get rid o the debt quicker.

However saying that if the monthly payments are brought down too then that's a bonus.

It's the only option I could think of rather than applying for a different loan.

I've got about 40 months to go.

What do you think?

Tixy

Getting a card with that opening limit could be hard, and you'd then be reliant on being able to get new cards to keep transferring it to when the deal ran out (assuming you would not be paying off in the promo period of the first card).

If you have a good credit history and likely to pass affordability checks etc then I'd be tempted to look if you can get a cheaper loan to pay that one off.

76Fresh

Good point. Credit History is good so i think you're right that seems better way to do it.

I just wanted to ask about other options as it's a bit of a minefield.

Thanks for the tip and I'll look into a better loan provider and rate to reduce the monthly cost rather than the term.....or maybe even both!

Thanks again for the advice