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Paying off car finance
Flyinghigh
Posts: 18 Forumite
in Loans
Good evening i am after some help i currently owe £15003 on my car my contracted payments are £340 but i am paying £400 a month at the moment i am trying to pay it off as quick as possible with weekly overpayments my apr is 35% can someone help me work out how much interest i will save making these overpayments.
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Comments
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35% APR....a lot...!
Does it have a large final payment (i.e. is it a PCP type loan)? As £340/month with 35% APR on a £15,000 loan just doesn't make sense...0 -
You can use the MSE Mortgage Overpayment calculator to see how much interest you'll save. Did you miss out a decimal place in the interest rate?Flyinghigh said:Good evening i am after some help i currently owe £15003 on my car my contracted payments are £340 but i am paying £400 a month at the moment i am trying to pay it off as quick as possible with weekly overpayments my apr is 35% can someone help me work out how much interest i will save making these overpayments.
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/
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£15,000 * 35% / 12 = £437.50 interest for 1 month, so more than your contracted payment - I think your figures are wrong.0
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