Clear loan with savings and credit card?

col81

I have a loan with Admiral which I owe £8k on. It is low 4.9% apr. I pay £225 per month I have £4k savings I'm a wondering if I should money transfer £4000 on credit card at 4.9% too with no fee for 4 years and clear the loan then have a lot lower monthly payment or am I best keeping cash? And carrying on with loan for another 3 1/2 years

[Deleted User]

There's no difference in rate, so lowering your monthly payment will just cost you more.

You're not getting 4.9% on your savings, so use at least some of that to reduce the capital. 

DrEskimo

Keep £1,000 aside for emergency funds and through the rest at the smallest debt.

Do a set budget and cut costs and overpay on each loan one at a time (smallest to largest). Snowball your payments as debts are cleared to the next debt.

Stop borrowing money and build a fully funded emergency fund. Start planning for large expenses.