Advice please - 2 Seperate loans

Craig_uk_2

Hi all,

I'm buying a new car in April, i have recently sold my old car, and with the money from that i was planning on putting it towards the new car in April. But i noticed the other day, that in March the desposit that i had for the car will finish my other loan that is currently outstanding by £4500 completely.

Finance on the new car will be 9.6% over five years, that will be with Blackhorse.
My current loan for the old car with HSBC is 14.9%, if i continue paying it off at the rate i am, then it will be finished by May 2009.

Question is, do i put the money towards clearning my existing loan, leaving me with one loan or putting it towards my car loan.. having two loans but easier repayments over the five years ? (if the money goes to my current loan it will mean i will have very little deposit for the new one, meaning i will have to pay alot more back each month on the finance than i would if i used the money from selling my car to put as a deposit!)


Thanks very very very much
Craig :T