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fixed rate loan enquiry

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  • 02-05-2008 4:11pm
    #1
    stephenparsons
    Closed Accounts Posts: 26 ✭


    am just wondering if its possible to apy off a lump sum off a fixed rate loan then make the repayments smaller?i got a big enough loan out and didnt use it all and have near enough to half of the full loan and only made one repayment and second payment due next week.is it possible to pay say 3k off it and ask them to just lower the payments for the remainder of the loan?i did actually ring the bank today but they were short staffed on the loan department and sed i shud jsut wait till tuesday so i thought id post here
    thanks all


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    If it's fixed rate you may be charged a penalty.

    You'll have to wait and see what they say next week.


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    #3
    stephenparsons
    Closed Accounts Posts: 26 ✭stephenparsons


    yea i was thinkin that but if i kept the term the same like id still be paying the same amount back in full over same time altogether just paying 3 k off then hopefully alot lower repayment lol,
    ah ill wait till tuesday thanks


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