Paying off PCP with a bank loan?

Caroline291187

Thankyou! 

Hopefully it all works out for the best and I can save some money in the long run!

Caroline291187

Update:
Accepted for a bank loan of 3.5% so I have paid off the PCP this morning!
Looks like I have saved myself over £900 in the long run!
Thanks!

DrEskimo

Good stuff. Now concentrate on paying it down as fast as possible to save even more. The earlier you can repay, the more you will save.

Might be worth considering cutting costs back temporarily to free income to divert to paying down the loan. Just be sure you have funds for any spending in the near future so you don't have to resort to more borrowing.

MinuteNoodles

Caroline291187 said:

The APR on the PCP is 7%

Then you'll save money by repaying it with a loan at anything less than 7%. Beware though they can add up to 56 days interest if you settle early, you'll find that in the T&Cs. That applies for any lender as it's a part of the regulations surrounding credit.