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Can I pay off a secured loan with a personal loan?

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lynneg444
lynneg444 Posts: 7 Forumite
Seventh Anniversary
in Loans
I took a secured loan out many years ago - yes, it was a big mistake and I still would need to pay more than my original loan amount to settle early.

To save a lot on interest, I would like to take out a personal loan to clear the secured loan. Reduce the term, lower interest rate and much lower overall interest paid back.

Financially, I am in a good position. I have carried out affordability checks, thoroughly looked at my budget and even checked the likelihood of me getting a personal loan large enough to pay this off. All of these things are positive.

But, is it possible to pay off a secured loan with an unsecured one????

Thanks and sorry for the very long post!

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