Repay Loan early - work out cost? (Hitachi)

sunflower_lass

I'm considering accepting a £10k loan with Hitachi Finance, over 5 years/60 months, at 10.5%. Monthly repayments £212. (This is the best rate I have been offered.)

For various reasons, I fully expect to be able to pay this off early though - possibly in as little as 6 months, but I do need the £10k now!

Hitachi's early repayment T&C's say this:
"You can settle this agreement early at any time, in part or in full, by paying us some or all of the amounts you owe us. We will take account of any rebate to which you may be entitled under the Consumer Credit
Act 1974. For the purpose of calculating the rebate, the settlement
date will be taken to be 28 days after the date you tell us you want to
settle (unless the duration of the agreement is longer than 12 months,
in which case we may defer the settlement date by a further 30 days).
b) If you wish to settle your agreement in part, please tell us. If we receive
a payment which is more than your normal monthly payment, we will
treat the surplus amount as a partial early settlement unless you tell us
otherwise. Your monthly payments will remain the same but we will
reduce your last payment and/or the duration of the agreement by
adjusting the number of payments, depending on the amount you
repay early.

Please can anyone help me work out approximately what the costs would be, if I were to repay at 6 months instead of 60?

Pixie5740

If you cleared the loan in 6 months you'd end up repaying a little over £10,300. Whereas if you took it over the full 5 year time you would repay just under £12,900.

http://www.whatsthecost.com/loan.aspx

sunflower_lass

Thank you Pixie!