Loan settlement

irishesman

Hi all

Just looking to see if anyone can find an issue or hole in my logic here regarding settling an outstanding loan.

Settlement figure is £2700 with 2.5 years to run at a rate of 14.9%

I have just been accepted for a balance transfer card with 27 months interest free.

My thinking is as follows.

1. Settle the loan on card 1 (they do take card payments)
2. Transfer the amount onto the new card (3%) transfer fee
3. Pay the card off with same amounts of money that i was repaying the loan.

So I’ll pay off the loan about 6 months early and within the 27 months interest free period.

Just want to check that I haven’t missed anything obvious

Thanks

BoGoF

Are you 100% sure the loan provider accepts credit card? Never heard of any loan that does, debit cards yes.

If they do then it's a no brainer to do as you suggest.

irishesman

Thanks. Always worth a second opinion when something seems so simple
:beer::beer::beer::beer::beer:

irishesman

Looks like I can use a credit card.

From the Hitachi website

Can I settle my agreement early?
Yes, you can settle your agreement at any time. The quickest and easiest way to do this is by logging into your acccount to view the settlement figure. To log in or register your account online click here

You can choose to pay your settlement figure by a one off Direct Debit or if you prefer by Credit Card/Debit Card.

Happy days