Overpayment of loan

CamtheScot

I see that I can make repayments on my car loan and it was taken out after 2011.

I want to buy another car and intend to borrow a bit more to buy it.

I owe £4000 at 3.3% and have a deposit of £4500 and wish to buy a car for £7500.

I want to top up the loan but at the best rate i can get whilst paying the smallest penalty to do so.

I see that paying off the loan completely comes with a 60 day interest charge.

Here are my questions:

If I pay off the car early, but not completely (leave £350 to go say), and allow it to fizzle out by DD over the following 3 months. Will I still be charged the 60 day interest penalty?

Am I likely to get the 2nd loan at the same good 3.3% rate? (I have an excellent credit score)

What is my best game plan? If I had a year to plan this out would that improve my game plan? (i.e. actions happening in 2 different tax years?

Thanks for any help

DCFC79

Your excellent credit score isnt in any way used to determine what rare you get as lenders dont see the score.

Your plan to pay a chunk of the loan off and leave a small amount left shouldnt leave you with the 60 day penalty as your not paying it off completely.

How much is the car worth ?

Could you not pay the loan off, sell it and use the money from the sale for a new car ?

Buy a car with what you have saved.

As to if you can get another loan at such a low rate is anyones guess, do you happen to know mystic meg ?

Its dependant on your salary, what you want to borrow and your debts plus maybe other factors im not aware of.