Paying off Hire Purchase with Personal Loan

griffiths93

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 

DCFC79

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 

Nothing wrong it.
If you can get the lian at the rate you mention then yes its a good idea.