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Car Finance Repayment Strategy

edited 30 November -1 at 1:00AM in Loans
1 reply 506 views
OnTheRoad14OnTheRoad14 Forumite
24 posts
edited 30 November -1 at 1:00AM in Loans
Hi everyone,

I've recently taken out car finance through motonovo. I was just wondering what is the best/quickest way of paying this off with the following options:

1. Save the money each month, request an early settlement fee in 9 months time (which is when I believe I will have all the funds to pay it off)

or

2. Make regular overpayments as and when funds are available, then request an early settlement figure?

I think option 1 is better as I will be paying significantly less interest as I can pay it off <12 months rather than 4 years?

What is the best method for reducing the total interest paid as much as possible?

Thanks,

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