Finace On Car

aayush

Hi I have the above and have till oct 2017 to clear it but if I wanted clear early would it be better taking loan or clearing via new credit as purchase on 0%
Await your response

CLAPTON

aayush wrote: »

Hi I have the above and have till oct 2017 to clear it but if I wanted clear early would it be better taking loan or clearing via new credit as purchase on 0%
Await your response

what is the apr of your car finance

aayush

hi at present it 5.7 % will go up to 9.1 if go for re finance

CLAPTON

aayush wrote: »

hi at present it 5.7 % will go up to 9.1 if go for re finance

there is only sense refinancing, if the new loan has a lower APR

aayush

what if i wanted to clear finance by due date would loan be better or cc

CLAPTON

aayush wrote: »

what if i wanted to clear finance by due date would loan be better or cc

I don't understand what you are saying
are you saying you can't afford to pay by the due date?

aayush

well if i clear early will have interest charge taken off the out standing balance
thus want to find which would the best way to clear take a loan or clear with cc which gives 0% on purchases for period

CLAPTON

aayush wrote: »

well if i clear early will have interest charge taken off the out standing balance
thus want to find which would the best way to clear take a loan or clear with cc which gives 0% on purchases for period

you say you are paying 5.7% interest rate so you need a loan at a lower rate than this

does the finance allow payment by CC? some do some, don't
if they do allow this, then you can't do better than 0%

tonyh66

CLAPTON wrote: »

you say you are paying 5.7% interest rate so you need a loan at a lower rate than this

does the finance allow payment by CC? some do some, don't
if they do allow this, then you can't do better than 0%

if you can get a 0% CC with enough balance to clear the loan...

foxy-stoat

aayush wrote: »

well if i clear early will have interest charge taken off the out standing balance
thus want to find which would the best way to clear take a loan or clear with cc which gives 0% on purchases for period

Just ask the lender for an early settlement figure.

I wouldnt really worry about how much interest you will be saving seeing as you will be paying interest if you take another loan out, unless its less than 5% or if you do the 0% credit card tranfers you will be paying the 2-3% admin fee every time you switch, and if you do not clear the balance without another 0% interest deal the interest will be 3 or 4 times what your paying now.

I assume you wont to refinance the remaining balance and pay over more time, so it will cost you more in the end.

Good lucks though