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Advice On New Loan

Good afternoon all,

I have been a long time lurker and apologies for my second post being one asking for advice.

I am looking at getting a sainsurys loan for 5500 over 36 months to buy a car. The APR they have offered me is 7.8% meaning that total repayment will be £6162.12 (662.12 in interest).

I will be getting a bonus from my work in 2 months time (unfortunately i can not wait for that to get the car :()

Can any one help me calculate how much i will pay in interest if i pay the first 1 months at the normal rate and the total amount off at the 58 day point. I realize i will have to pay 58 days interest. But i am not sure how it is calculated.

Thanks in advance for any help / assistance, Luke

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    edited 16 June 2015 at 3:34PM
    Interest after the first month will be around £35.
    Interest for the second month just under £35. Early settlement of 58 days interest will be around £67.

    Total interest you will pay will likely be around £136.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Tixy,

    Many thanks for working that out for me, I was hoping for arount that figure.

    Thanks again, luke
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