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APR on a loan with Insurance
GlassButterfly77
Posts: 1 Newbie
in Loans
Hi Everyone
This is my first post so forgive me If I'm posting this in the wrong area.
I'm trying to work out whether I would be better off transfering my loan for one with a lower APR. I'm only just taking control of my finances and to be honest I get that stressed and upset when looking at them that I can't seem to see or think straight and get myself all tied in knots.
So my question is.... I pay 8.9% APR on my current loan but I had to take insurance with it to get the loan. In the agreement it says that I'm also paying 8.9% APR on the insurance. To work out the correct APR should I add them both together so that in actual fact my APR is 17.8%?
Thank you so much for your time in reading this. I'd really appreciate it if you could help me.
Many thanks in Advance!!
This is my first post so forgive me If I'm posting this in the wrong area.
I'm trying to work out whether I would be better off transfering my loan for one with a lower APR. I'm only just taking control of my finances and to be honest I get that stressed and upset when looking at them that I can't seem to see or think straight and get myself all tied in knots.
So my question is.... I pay 8.9% APR on my current loan but I had to take insurance with it to get the loan. In the agreement it says that I'm also paying 8.9% APR on the insurance. To work out the correct APR should I add them both together so that in actual fact my APR is 17.8%?
Thank you so much for your time in reading this. I'd really appreciate it if you could help me.
Many thanks in Advance!!
0
Comments
-
tell us how much your loan was
how many months to pay
how much you pay per month
and what are the conditions if you repay early0
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