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!
Settling a car finance agreement
Hi, I'm hoping someone can help.
I am looking at settling my car finance agreement early, but I have noticed that my interest on the agreement is a fixed rate.
I am 10 months in to a 42 month agreement so will I have to pay the full amount of interest if I am settling early due to it being fixed or will this be deducted?
Thanks.
I am looking at settling my car finance agreement early, but I have noticed that my interest on the agreement is a fixed rate.
I am 10 months in to a 42 month agreement so will I have to pay the full amount of interest if I am settling early due to it being fixed or will this be deducted?
Thanks.
0
Comments
-
Fixed rate means the interest rate doesn't change.
Settling early will reduce the interest you pay.0 -
You will save around 31 months interest on your settlement if you settle now.0
-
It is a regulatory requirement that all consumer loans provide a rebate of interest on early settlement.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards