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    • OnTheRoad14
    • By OnTheRoad14 18th May 19, 12:35 PM
    • 24Posts
    • 2Thanks
    Car Finance Repayment Strategy
    • #1
    • 18th May 19, 12:35 PM
    Car Finance Repayment Strategy 18th May 19 at 12:35 PM
    Hi everyone,

    I've recently taken out car finance through motonovo. I was just wondering what is the best/quickest way of paying this off with the following options:

    1. Save the money each month, request an early settlement fee in 9 months time (which is when I believe I will have all the funds to pay it off)


    2. Make regular overpayments as and when funds are available, then request an early settlement figure?

    I think option 1 is better as I will be paying significantly less interest as I can pay it off <12 months rather than 4 years?

    What is the best method for reducing the total interest paid as much as possible?

Page 1
    • zx81
    • By zx81 18th May 19, 1:23 PM
    • 22,410 Posts
    • 24,554 Thanks
    • #2
    • 18th May 19, 1:23 PM
    • #2
    • 18th May 19, 1:23 PM
    Option 2 would save you the most money as the more you repay and the earlier, the more interest you save.
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