We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Loan help...
Morning,
A couple of years back I took out a sizeable loan to purchase a car. It was the first time I'd ever done anything of the kind. It's at 8.9% with Lloyds. Ever since I've been plodding along with the monthly repayments, but progress seems to be very slow and I still have 2 years remaining.
My ultimate aim is to shift the debt attached to the loan as quickly as possible in order to start saving again, as that has been limited. Is a money transfer something that'd be possible? Or a loan to pay off the loan? I'm just utterly clueless about the best way to progress - as I'm sure there must be something better than what I'm currently doing?!
As I say I have 2 years and a little over £4K outstanding. Any help greatly appreciated.
Cheers
A couple of years back I took out a sizeable loan to purchase a car. It was the first time I'd ever done anything of the kind. It's at 8.9% with Lloyds. Ever since I've been plodding along with the monthly repayments, but progress seems to be very slow and I still have 2 years remaining.
My ultimate aim is to shift the debt attached to the loan as quickly as possible in order to start saving again, as that has been limited. Is a money transfer something that'd be possible? Or a loan to pay off the loan? I'm just utterly clueless about the best way to progress - as I'm sure there must be something better than what I'm currently doing?!
As I say I have 2 years and a little over £4K outstanding. Any help greatly appreciated.
Cheers
0
Comments
-
Yes - you could look at another loan or a money transfer card.
But it'll depend on your current debts, your income and your credit history, as to whether you have any options.0 -
https://forums.moneysavingexpert.com/discussion/5389175 all the information given in your last identical thread still look relevant.Please do not quote spam as this enables it to 'live on' once the spam post is removed.
If you quote me, don't forget the capital 'M'
Declutterers of the world - unite! :rotfl::rotfl:0 -
Thanks - did look for it but couldn't find it.0
-
Morning,
A couple of years back I took out a sizeable loan to purchase a car. It was the first time I'd ever done anything of the kind. It's at 8.9% with Lloyds. Ever since I've been plodding along with the monthly repayments, but progress seems to be very slow and I still have 2 years remaining.
As I say I have 2 years and a little over £4K outstanding. Any help greatly appreciated.
Cheers
That's the trouble with car finance.
If you borrow five or six grand to buy a car over four years, you have to pay eight grand back - and it takes four years! Very slow, but it gives you both time to save up for the next car without borrowing and time to ponder about why you took out the loan in the first place."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards