At the moment i have a 5000 loan out from GE Capital. I pay 155 a month over 4 years. Thats 7440 in total to pay back.
Im thinking of saving an amount every week with one of the online saving banks to build up a good interest plus savings so that i can pay off the full loan in 1 lump sum by summer 2006.
The loan was taken out in August 2005, and so far have 3 months of 155 paid. Whether i pay the loan early or not i still have to pay the total amount with interest.
Is this a good way to pay it off, or will i continue paying 155 a month.
I wanted to loan paid because with the loan i can only afford to borrow 150000 for a mortgage, but without the loan i can get 190000.
Im thinking of saving an amount every week with one of the online saving banks to build up a good interest plus savings so that i can pay off the full loan in 1 lump sum by summer 2006.
The loan was taken out in August 2005, and so far have 3 months of 155 paid. Whether i pay the loan early or not i still have to pay the total amount with interest.
Is this a good way to pay it off, or will i continue paying 155 a month.
I wanted to loan paid because with the loan i can only afford to borrow 150000 for a mortgage, but without the loan i can get 190000.