Help with 6.1% loan onto 0% credit card

longwalks1

Deleted_User wrote: »

It's an offer for existing customers only.

for existing Lloyds bank customers, or for exisiting Lloyds CC customers? Just logged on and still couldnt see it

longwalks1

redux wrote: »

The current loan balance would be about £8335.

Speeding up loan repayments to 2 years would be £558 interest (compared to £1068 on remaining 46 months), versus £250 transfer fee to the card

If there's any chance that repaying in 2 years is a bit tight on time, the transfer to a card is a bit risky, unless following up with another transfer. But a second transfer then with a 3% fee for say only a year doesnt work out cheaper than having stayed with the original loan.

So it might be worth hedging with a split, considering one transfer now to cover for about half to two-thirds the loan.

Or find transfer arrangements with lower fee than 3%

Thanks redux, I'd never of worked that out



i initially asked after I saw the Lloyds offer of 1.4%, but since found out it was for card to card transfers only. Will keep looking for a low rate money trasfer card and see (I may be back with more calculations I'm afraid...)

redux

britishboy wrote: »

Thanks redux, I'd never of worked that out

Guardian loan calculator

No political affiliation implied; I just like the format

n.b. I've since edited the numbers slightly, as I'd missed the July repayment off the balance