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  • FIRST POST
    • BNYH
    • By BNYH 7th Mar 18, 4:13 PM
    • 3Posts
    • 2Thanks
    BNYH
    Best advice to lower repayments ?
    • #1
    • 7th Mar 18, 4:13 PM
    Best advice to lower repayments ? 7th Mar 18 at 4:13 PM
    Hey guys,

    I have a loan for a car and it's over 7000 left to repay over 4 years and I wanted to know what would be the best way to get re payments down to hopefully pay it all off ?

    I was thinking a credit card with 0% apr then balance transfer to another card ? I know left unmanaged it can be dangerous but I'm trying to figure out the best method.

    Any suggestions would be appreciated!
Page 1
    • fatrab
    • By fatrab 7th Mar 18, 4:41 PM
    • 835 Posts
    • 1,907 Thanks
    fatrab
    • #2
    • 7th Mar 18, 4:41 PM
    • #2
    • 7th Mar 18, 4:41 PM
    I don't think you'd be able to pay off the finance with a credit card. I could be wrong.


    If the finance is at a high rate perhaps speak to your bank? You may be able to get a loan at a cheaper rate. Alternatively try and save money in other areas and overpay the finance, shortening the term and saving money on interest that way.


    Hope this helps
    You can have results or excuses, but not both.
    May's targets - Lose 1 stone - 6lbs off, 21/31 AFDs, 13/18 lunches.
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    • fatbelly
    • By fatbelly 7th Mar 18, 6:31 PM
    • 12,239 Posts
    • 9,276 Thanks
    fatbelly
    • #3
    • 7th Mar 18, 6:31 PM
    • #3
    • 7th Mar 18, 6:31 PM
    You'll need a 0% money transfer card. There are not a lot of them left. The guide explains:

    https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
    • enthusiasticsaver
    • By enthusiasticsaver 7th Mar 18, 9:34 PM
    • 6,385 Posts
    • 13,110 Thanks
    enthusiasticsaver
    • #4
    • 7th Mar 18, 9:34 PM
    • #4
    • 7th Mar 18, 9:34 PM
    As fatbelly says you need a money transfer card but whether you can get one with a 7k limit depends on what your income and other debt you have. What rate are you paying on the loan? Can you just make overpayments to get it down asap?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • fatbelly
    • By fatbelly 7th Mar 18, 11:03 PM
    • 12,239 Posts
    • 9,276 Thanks
    fatbelly
    • #5
    • 7th Mar 18, 11:03 PM
    • #5
    • 7th Mar 18, 11:03 PM
    I got one with an 8k transfer (credit limit 9400) last summer when I needed some quick cash to top up a house purchase - found it frighteningly easy - I'm not a high earner but do have good credit history.

    Virgin Money by the way
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