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Motor Loan

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  • 21-10-2009 5:04pm
    #1
    Muppet Man
    Registered Users Posts: 1,660 ✭✭✭


    What is the main difference between Fixed and Variable motor loans?

    Fixed rate motor loans appear to be marginally cheaper (AIB for example). Although I know that clearing a fixed rate motor loan might incur a penalty. Just wondering what else should I consider...

    How do motor loans work - is all the interest added on at the start of the loan and your repayments are only clearing interest first? Or is it that the monthly repayments pay a bit off the interest and a bit off the capital?

    Thanks,
    Muppet Man.


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