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Shawbrook Loan Balloon Payment & Early Repayment

MGC65
MGC65 Posts: 2 Newbie
in Loans
Hi
Has anyone had experience with Shawbrook Bank in making a balloon payment on a loan then repaying the remaining balance early?
I'm about to sign a credit agreement for some windows & doors ordered via Anglian Windows. The finance price is £2800 less than the cash price so my plan is to sign the finance agreement then make a balloon payment to reduce the balance, then request a early settlement figure.
I'd be grateful for any advice on this?
Thanks
MGC

Comments

  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    What do the T&Cs say about balloon payments?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • MGC65
    MGC65 Posts: 2 Newbie
    It doesn't mention anything about balloon payments.
  • Nearlyold
    Nearlyold Posts: 2,386 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 11 November 2015 at 6:49PM
    Generally in loan parlance a balloon payment is the name for a payment due at the end of the agreement such as on a car PCP though its not generally used in a technical sense so wouldn't expect the phrase to appear in the Term and Conditions in the formal agreement. The phrase for what you want to do is usually partial settlement/overpayment/additional payment. All consumer loans must offer this facility under the European (Consumer) Credit Directive but NOT secured loans or mortgages
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