One off overpayment to reduce monthly payments

cornishrex1

Hi can anyone help.

I want to buy a car. I'll be paying for it with a 3 yr 10k loan, 10k cash and part ex. The 10 k cash is coming from a job bonus. The only problem is that my job, in its wisdom, has just decided that it will pay half now and half at some point to be determined between now and February ....

I don't want to wait until possibly Feb. What I'd like to do is get a 3 yr 15k loan now, and then prepay the 5k once the second bonus instalment comes in, such that my monthly repayments reduce back down to 10k over 3 years. I don't want the 5k to simply shorten the term without adjusting the monthly payments.

Does anyone know of a lender that allows that approach? Everything I have looked at so far only seems to allow a shortening of the term.

Many thanks for any thoughts....

[Deleted User]

Santander is one.

cornishrex1

Thank you, I'll try them.

zippygeorgeandben

Could you perhaps wait until the next instalment of the bonus comes through and from now until that point build up more money in your cash post so to get a lower loan? Maybe with perhaps more favourable rates?
I appreciate you're just wanting loan advice, just thought I would wonder if you'd consider this.