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Paying off Hire Purchase with Personal Loan
griffiths93
Posts: 4 Newbie
in Loans
Hello guys I'm.looking for some advice I bought a car on hire purchase over back in october over 5 years with APR at 13.9 percent.
I pay about 127 pounds a month and though I can afford this I looked at the settlement figure and was quoted 5188 pounds and had a look and with my bank I could get a personal loan for this at approximately 7 percent APR over 4 years and 6 months which would leave me paying slightly less money over the same amount of time.
I was curious whether this would be a smart thing to do as the money saved could be extra towards paying the loan off early . What do you guys think and is there anything I should take into consideration?
Thanks guys
I pay about 127 pounds a month and though I can afford this I looked at the settlement figure and was quoted 5188 pounds and had a look and with my bank I could get a personal loan for this at approximately 7 percent APR over 4 years and 6 months which would leave me paying slightly less money over the same amount of time.
I was curious whether this would be a smart thing to do as the money saved could be extra towards paying the loan off early . What do you guys think and is there anything I should take into consideration?
Thanks guys
0
Comments
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Nothing wrong it.griffiths93 said:Hello guys I'm.looking for some advice I bought a car on hire purchase over back in october over 5 years with APR at 13.9 percent.
I pay about 127 pounds a month and though I can afford this I looked at the settlement figure and was quoted 5188 pounds and had a look and with my bank I could get a personal loan for this at approximately 7 percent APR over 4 years and 6 months which would leave me paying slightly less money over the same amount of time.
I was curious whether this would be a smart thing to do as the money saved could be extra towards paying the loan off early . What do you guys think and is there anything I should take into consideration?
Thanks guys
If you can get the lian at the rate you mention then yes its a good idea.0
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