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Some basic questions about car loan/finance
Hi everyone,
Sorry for ridiculous questions but I've never taken out car finance before!
In a few weeks I'll be looking to take out a loan of approx 9k (depending on car I find). Obviously personal loans are a better rate than finance from car dealers which leads to a few questions...!
1. Am I better off getting a personal loan at a low rate and buying the car 'cash'?
2. With a normal loan can I over pay to pay it off sooner?
3. Same for car finance (not looking at PCP - looking to buy outright over course of loan) can these be paid off sooner?
Would be so grateful for any insight, thank you!
Sorry for ridiculous questions but I've never taken out car finance before!
In a few weeks I'll be looking to take out a loan of approx 9k (depending on car I find). Obviously personal loans are a better rate than finance from car dealers which leads to a few questions...!
1. Am I better off getting a personal loan at a low rate and buying the car 'cash'?
2. With a normal loan can I over pay to pay it off sooner?
3. Same for car finance (not looking at PCP - looking to buy outright over course of loan) can these be paid off sooner?
Would be so grateful for any insight, thank you!
Everything will be ok in the end, if everything's not ok then it's not the end 
0
Comments
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You can overpay either, subject to to early repayment charges.
Which is better depends on your circumstances and what you may be able get. A stronger history will give you more options.0 -
Do you know what early repayment charges tend to be like? Are they punative? Or does it depend on each individual loan?Everything will be ok in the end, if everything's not ok then it's not the end 0
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As a maximum, it will be two months interest on the early settlement amount.0
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