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Loan to pay off car HP - Have I done my sums right?
MeadowsVale
Posts: 49
Forumite
in Loans
I owe £19,667.01 on HP car finance which runs until November 2028 then the car will be paid off and will be mine.
I got a settlement figure which is currently £17,131.97 - a saving of £2,535.04 in interest if I paid it off now. I think the agreement is 12% APR.
I've been pre-approved for a personal loan of £17,000 over 36 months at 6.64% APR which I will owe £1,742.18 in interest.
Is this a no brainer or am I thinking wrong?
0
Comments
-
Makes sense to me!
1
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