We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Moneybarn interest
Hi I bought a car in January 2025
Purchase price was £10.999.00
With 60 monthly payments of £297 .I have made 8 payments all on time I have also made about £500 in extra payments. Around £2800 in all I asked for early settlement I still owe £10.237 so only £762 has come off my balance and 500 of that is extra payments so basically I have paid approximately £2000 in interest in 8 months does it seem right
Purchase price was £10.999.00
With 60 monthly payments of £297 .I have made 8 payments all on time I have also made about £500 in extra payments. Around £2800 in all I asked for early settlement I still owe £10.237 so only £762 has come off my balance and 500 of that is extra payments so basically I have paid approximately £2000 in interest in 8 months does it seem right
0
Comments
-
Sounds like your borrowing rate is about 21%, so yes, the majority of year 1 repayment is interest. The settlement figure likely includes early repayment charges.1
-
Thank you0
-
Personal loans are about 6.5% at the moment, if you can get one from a bank and just settle up you will save a lot of interest payments.Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.9K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.1K Spending & Discounts
- 244.9K Work, Benefits & Business
- 600.4K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards