paying of a loan with credit card.

Andybez38

I have a current barclayloan for i belive £14500, im paying £332 over 60 months. This adds up to £19920 over the 5 year period. I have 20 months of payments left on the loan.

I have no original paperwork for the loan and dont know what APR i was given on the loan. Any buffs out there what can work out the APR would be greatfull.

Secondly would it be worth transfering the loan to a 0% credit card for 12 months 3% fee then going to 9.9% after the 12 month period.

Bokkens

It would be worth moving to a 0% card but you probably won't get ONE card to cover that limit at 0% so you may have to apply for several cards and pay several BT fees to move the money to your new credit cards.
But once on the cards you will have the freedom to move balances between new offers on other cards and hopefully keep your interest very low or even nil.
Also consider Life of Balance cards ,as you can always move the balance at a later date.
Good luck.

Milarky

Andybez38 wrote: »

I have a current barclayloan for i belive £14500, im paying £332 over 60 months. This adds up to £19920 over the 5 year period. I have 20 months of payments left on the loan.

I have no original paperwork for the loan and dont know what APR i was given on the loan. Any buffs out there what can work out the APR would be greatfull.

Secondly would it be worth transfering the loan to a 0% credit card for 12 months 3% fee then going to 9.9% after the 12 month period.

According to the calculator at 'whatsthecost', the rate on your loan is 13.28% - and that would make the current balance (with 20 payments left) '£5927' (close?)

Ask for a settlement figure - which may cost rather more than the current balance - but assuming (big if) there are no penalties for early settlement it could be worthwhile using a card with a goto rate of '9.9' (trouble with that being that is may not be fixed whilst the rate on the loan is)

Consider life of balance rate cards and other fixed rate loans as possible alternatives too.