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Finance

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
If you get something on finance and you have got 36 months to pay for it, can you for example, pay the whole lot off with in 6 months or when ever you want instead of having to pay the agreed repayment figure?

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Read your contract mate. Some companies enforce a penalty or fee if you pay up early.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Eul Grepus wrote:
    Read your contract mate. Some companies enforce a penalty or fee if you pay up early.


    Yup. And it also looks bad on your credit rating, as it shows you probably didn't need the loan. As credit goes if you can pay over time. Though if its good then I don't see why not. After all, the interest always kills. Mortgage *shudders*
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Eul Grepus wrote:
    Read your contract mate. Some companies enforce a penalty or fee if you pay up early.

    Not brought anything, was just wondering.

    Cheers.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Glad to help :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    definitely read up, but for the most part, what happens is you don't have a penalty fee, but you do have to pay the financing fees completely as if you had been paying slower, so it doesnt help you out at all.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Depending on the interest and early settlement charges it may not be worth paying it off early, if the interest is front loaded as are most finance agreements you pay an higher proportion of interest in the first part of your agreement than later parts.
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