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Change from a Variable to Fixed Loan

Jet Black · 2008-02-26 22:44:34

I got a car loan with BOI 2-3 years ago. It was a variable loan which had a low rate at the time it was 9.5%. I got my statement and it showed that the interest had gone above 13% (the highest it can get) and ever quarter there was a 150 euro+ interest charge. When I took it out I did not have a clue about this and was not…

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26-02-2008 11:44pm

#1

Jet Black

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I got a car loan with BOI 2-3 years ago.
It was a variable loan which had a low rate at the time it was 9.5%.
I got my statement and it showed that the interest had gone above 13% (the highest it can get) and ever quarter there was a 150 euro+ interest charge.
When I took it out I did not have a clue about this and was not given information that I had a choice. My fault really.

But anyway my question is can I change from a variable to a fixed loan.

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#2 27-02-2008 1:04am
Hitchhiker's Guide to...

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moved to banking forum.

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#3 27-02-2008 9:26am
unclebill98

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Not really. The only thing you can do is re-arrange the loan with a new one and swap it over to a fixed rate.

Most banks are offering much lower rates on vari rate loans now.

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