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Car Loan
I have a settlement figure of £2738.93 for my car which will finish September next year. I’m currently paying £190 and APR is 14.8. Hitachi APR is 13.8 would take payment down to £124, a saving of nearly £70. Need some advice, not done this before. Once you got the loan, then am I right that I can pay the settlement figure.
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It is only dropping the APR by 1% - the payment is only dropping so much as you are extending the debt. Are you in financial difficulty that you need to do this?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.1 -
I'm not sure if I got my calculations right.0
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No I'm not in difficulty. I was reading Martin's post about loans. Was hoping to be able to save and finish the loan early.0
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You would need to be qualifying for a new loan at much less than 13.8% APR to save money as you will probably get charged 2 months interest for paying early.garcon6 said:No I'm not in difficulty. I was reading Martin's post about loans. Was hoping to be able to save and finish the loan early.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.2 -
Probably best to just finish the loan.
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