Loan repay now or wait?

crockpot

Hi

Hope you can help me with the maths?

i took out an Alliance & Leicester Moneyback loan for £6k, 1St monthley payment made 22 march 07. Total repayable £6550.20. it`s 5.9% apr

If i pay it back in full after 23rd Sept 08 ie when 1/2 of it repayed I pay back £524.12 per £1k but if i carry on until 23rd march 09 I pay back £267.72 per £1k, but will have had to find 6 months more repayments. Which is the cheapest option?

I have the money in an offset account linked to my mortgage, so can clear the loan.

Thinking of repaying it early, as cost of living going up and looking at cutting monthley outgoings.

Loan co will only give me a settlement figure 1 month in advance.

Thanks

CLAPTON

the loan is at 5.9% , if your savings are earning less than 5.9% then pay the loan back, if not then don't.