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Loan Overpayments - Moneybarn
GerryDebtFree
Posts: 1 Newbie
in Loans
Hi, hoping someone would be able to help us with clearing a car loan we took out last year. Moneybarn have been great as helped us get a car when no one else would(due to my bad credit history). We are now in a better place and looking to pay this off as quickly as possible. Below is details of the loan and repayments:
Agreement Information
Amount of Credit: £4,095.00
Contract Start Date: 23/03/2016
Contract Term: 36 months
Rate of Interest: 72.2%
Amount Payable
Initial Payment: £400.00
Monthly repayments: £8,353.45
We are currently paying £238.67 per month and going to pay £1000 per month from the end of this month until its cleared. Can anyone advise on how much quicker this will be paid off?
Agreement Information
Amount of Credit: £4,095.00
Contract Start Date: 23/03/2016
Contract Term: 36 months
Rate of Interest: 72.2%
Amount Payable
Initial Payment: £400.00
Monthly repayments: £8,353.45
We are currently paying £238.67 per month and going to pay £1000 per month from the end of this month until its cleared. Can anyone advise on how much quicker this will be paid off?
0
Comments
-
GerryDebtFree wrote: »
Amount Payable
Initial Payment: £400.00
Monthly repayments: £8,353.45
That's a hell of a monthly repayment. Must be some car!0 -
Approx 4 months of £1000 plus a lower payment on the 5th month0
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