Fri 10 Sep 2004 00:30 Partial redemption of car loan - Nsar

Does anyone know of a competitive lender who will allow partial redemption of a car loan once I've got the cash from my current car? Reply | Report as offensive | Link

Fri 10 Sep 2004 07:46 Partial redemption of car loan - Wee Willie Winkie

Try Intelligent Finance. They allow overpayments on their loans without penalty. www.if.com Reply | Report as offensive | Link

Fri 10 Sep 2004 10:08 Partial redemption of car loan - Nsar

But they do charge you for early redemption - it doesn't say how much on their website. I don't want to end up with both a loan and a chunk of cash after I sell. Is there such a thing as a car bridging loan? Reply | Report as offensive | Link

Fri 10 Sep 2004 10:30 Partial redemption of car loan - Doyle

Try Egg, no early repayment penalties, interest charged daily and pay extra when ever you want. Not the most competitive rates though, but if you intend to pay up early, that shouldn't make much differance. Doyle Reply | Report as offensive | Link

Fri 10 Sep 2004 10:49 Partial redemption of car loan - holly1

I recommend Egg too. I currently have a loan with them and I can overpay as and when I want. They also allow you to have a payment holiday after you have made at least 6 consecutive payments. Don't know how this works exactly but it is handy if you know something major is going to come up during the term of the loan and you could do without making payments for a couple of months. Reply | Report as offensive | Link

Fri 10 Sep 2004 11:19 Partial redemption of car loan - midlifecrisis

Got mine through Northern Rock website. Good rates and no penalties. Reply | Report as offensive | Link

Fri 10 Sep 2004 11:32 Partial redemption of car loan - RichardW

If the amount you want to repay is less than about £10k, get yourself a credit card with an interest free period (Halifax and Abbey offer ones with 9 months). Put the difference between loan and car value on the CC and pay if off at the end of the free period. Having the money for the old car in bank means they will pay YOU for having the 'bridging loan'. Nice :-))) -- RichardW Is it illogical? It must be Citroen.... Reply | Report as offensive | Link

Fri 10 Sep 2004 15:16 Partial redemption of car loan - Buster Cambelt

Try Cahoot, they have a loan product where interest is calculated daily and no penalties for early redepmtion. Reply | Report as offensive | Link

Fri 10 Sep 2004 15:24 Partial redemption of car loan - Nsar

Thank you for all the replies thus far. Reply | Report as offensive | Link

Fri 10 Sep 2004 15:35 Partial redemption of car loan - Mike H

...and possibly a simple overdraft at the bank? Reply | Report as offensive | Link

Fri 10 Sep 2004 19:51 Partial redemption of car loan - Vansboy

Check www.moneysavingexpert.com plenty of chat forums, to answer you, there. VB Reply | Report as offensive | Link

Fri 10 Sep 2004 22:23 Partial redemption of car loan - blinky

I agree with Vansboy, check Money saving expert. A lot of loans now use 'rule of 78' for assigning the interest charge over the period of the loan. In which case when you try and pay it off early you actually have more outstanding than you think. Money Saving Expert has a good explanation of 'rule of 78'. Reply | Report as offensive | Link