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Best option for getting rid of car credit?
I currently have 2 car loans, but am looking to reduce my outgoings following redundancy.
Does anyone have any ideas how best to go about it? Both vehicles are less than 2yrs old and I must stress that all payments are up to date.
I think its a case of being between a rock and a hard place as if I keep paying until I've paid half I can give them back, but obviously don't get to reduce my outgoings quickly. If I chop them in, I lose because of the depreciation and the fact that currently they are probably only worth what I owe on them & would therefore need to borrow again for something else as I still need vehicles to be able to work.
Think I've covered my angles. Just not sure which one is the best of a bad bunch.
Does anyone have any ideas how best to go about it? Both vehicles are less than 2yrs old and I must stress that all payments are up to date.
I think its a case of being between a rock and a hard place as if I keep paying until I've paid half I can give them back, but obviously don't get to reduce my outgoings quickly. If I chop them in, I lose because of the depreciation and the fact that currently they are probably only worth what I owe on them & would therefore need to borrow again for something else as I still need vehicles to be able to work.
Think I've covered my angles. Just not sure which one is the best of a bad bunch.
0
Comments
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What kind of car loans are they?
Are they just a personal loan dressed up as a car loan or some sort of Hire Purchase?
Did you take out repayment Insurance when you took out the loans which you could claim on now?
Eric0
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