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Hefty loan
Hi folks,
Needing your advice once more please! I recently took out a loan (partner finance with Barclays) to pay for my £13k kitchen. It's at 123 months at 4.9% APR. At the end of the long term I will have spent £16,278.00. My repayments are only £124.90 a month. I see a lot of posts advertising low interest rate loans but the terms are always too short. Does anyone know of a way I can pay off the outstanding balance any quicker or with a lower interest rate? Many thanks!
Needing your advice once more please! I recently took out a loan (partner finance with Barclays) to pay for my £13k kitchen. It's at 123 months at 4.9% APR. At the end of the long term I will have spent £16,278.00. My repayments are only £124.90 a month. I see a lot of posts advertising low interest rate loans but the terms are always too short. Does anyone know of a way I can pay off the outstanding balance any quicker or with a lower interest rate? Many thanks!
0
Comments
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Yes, over pay as much as you can on your existing loan - if you can afford say £250 a month instead of £125 then you should be able to pay this back in half the time.
The rate you have is pretty good to be honest so you will not get a 3.3% loan for debt consolidation over 10 years I am afraid.0 -
Hi Foxy,
Yes I seem to have come to that conclusion myself. I will overpay.
Many thanks for your time,
Jevs0
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