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Quick question on neg eq loan payback
raspberryrippl3
Posts: 64 Forumite
in Motoring
Hi guys
I have a MINI which is paid for on PCP. I have two payments for the car as we traded in two cars towards this one. One is fine/normal and makes up the bulk of the payment, and then one smaller payment. I've been advised the smaller one is a negative equity loan rather than a simple part-ex, and so whatever I do with the current car, I HAVE to pay this one back, whether it's today, or across the next 36m.
As I have some spare money, I was wanting to pay off the neg eq loan to save paying some ~£800 interest on it. Is this technically right/the best thing to do?
I'd be keeping the car for another 18m or so, so the first/larger payment would continue until then, then I'd look to trade the car/hand it back.
Many, many thanks :money:
I have a MINI which is paid for on PCP. I have two payments for the car as we traded in two cars towards this one. One is fine/normal and makes up the bulk of the payment, and then one smaller payment. I've been advised the smaller one is a negative equity loan rather than a simple part-ex, and so whatever I do with the current car, I HAVE to pay this one back, whether it's today, or across the next 36m.
As I have some spare money, I was wanting to pay off the neg eq loan to save paying some ~£800 interest on it. Is this technically right/the best thing to do?
I'd be keeping the car for another 18m or so, so the first/larger payment would continue until then, then I'd look to trade the car/hand it back.
Many, many thanks :money:
"sometimes, i guess there just aren't enough rock" -forrest gump
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