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Overpaying on loans
Hi, i have 2 identical loans over the same term and at the same rate. One is for £80k and the other is for £30k.
They were taken out at the same time.
Is there any benefit in overpaying on a particular one or is there no advantage gained, can the overpayment be split equally?
They were taken out at the same time.
Is there any benefit in overpaying on a particular one or is there no advantage gained, can the overpayment be split equally?
0
Comments
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It'll make no difference (assuming any early repayment fees are the same).1
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No early repayment fees on both0
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Agreed - if the APR is the same and there are no penalties for overpayment, then it makes no difference from a purely financial point of view.There is an argument to say you might want to - in these circumstances - overpay the smaller loan. Purely because there is a psychological "feel-good" factor when you finally clear a debt completely. But in terms of cold hard cash, it makes no difference at all.1
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