Should the individual refinance their car loan from the dealership to their bank? | Lawhive - Solicitors & Lawyers Online
Should the individual refinance their car loan from the dealership to their bank?
I would like advice advice please on a car loan. I bought a new car 7 months ago from a car dealer using their finance over 48 months at £174 a month. It says interest rate 5.50% and Apr 13.7%. I can get a loan from my bank at 3.9%. Apr Which obviously looks much cheaper but I’m wondering if I am missing something as it would make sense to borrow from my bank and clear the debt. Thank you in advance.

Anonymous

24th April 2022

Top Answer
NQ bank interest rates are usually lower than car finance. You can ask them for a settlement figure and get a loan to clear it

Loretta Jones

24th April 2022

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