BoI Motor Loan

M

Maxey2006

Guest
Hi Guys I took out a motor loan for 16,000 in March 2004 over 60 months ,The break downs is as follows

HP PRice 19186
Paid so far 8559

Amount left 10627...I want tp pay this off tomorrow and BOI gave me a redemption figure of 10012...This means for paying off a loan almost 3 years early i am only saving 615 EURO...Does thi ssound right!!!!..

Thanks
 
Did you take a fixed rate loan? Or any payment protection policies? These can have effects on the redemtion figures.
 
I have the credit agreement on front of me and it does not state at what intrest rate it is at....It also does not seem to include payment protection on the agreement....sorry if it is a bit vage it ais all i have

Thaniks
 
Maxey2006 said:
I have the credit agreement on front of me and it does not state at what intrest rate it is at....It also does not seem to include payment protection on the agreement....sorry if it is a bit vage it ais all i have

Thaniks
Click to expand...

If motor loans are worked out the same as mortgages, you pay mostly interest in the early months/years.

If you check out Karl Jeacle's Mortgage Calc it allows you to check out the figures.

I had a quick look, and using your figures, calculated that your rate is 7.4% approx. Is your monthly repayment around €320?

If these figures are correct, using Mar 2004 as the start date, your outstanding balance should be €9260 approx. (June 2006).

Any "balloon payments" or stuff like that?
 
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