Paying off car finance

Flyinghigh

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. 

DrEskimo

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...

[Deleted User]

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. 

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?

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

foxy-stoat

£15,000 * 35% / 12 = £437.50 interest for 1 month, so more than your contracted payment - I think your figures are wrong.

foxy-stoat

https://forums.moneysavingexpert.com/discussion/6198490/paying-off-car-finance/p2

Duplicate post.