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Repaying BOSI Loan early

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  • 16-10-2010 10:19am
    #1
    narommy
    Registered Users Posts: 469 ✭✭


    We have a BOSI car loan with 2 years to run.
    We have the cash to repay it and it would improve our "bankability" if we had the monthly repayment to "spare" each month.

    However when we looked for settlement value it was far in excess of the Principle+Remaining interest. We are talking about over €1000 and the people on the phone haven't a clue and will not negotiate.

    I want to repay early but I will kill me to pay more than Principle and Remaining interest. Any suggestions??

    Cheers


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    #2
    GSF
    Registered Users Posts: 1,717 ✭✭✭GSF


    narommy wrote: »
    I want to repay early but I will kill me to pay more than Principle and Remaining interest. Any suggestions??

    Cheers
    I thought BOSI were trying to wind down their Ireland business and would welcome people paying loans off early.


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    Thats an odd one. They only usually charge 3months of interest plus the principal. Its of no benefit you to clear it if its going to cost more.

    I would have a look at the terms and conditions if you still have them and see if there is anything regarding clearing the loan early. I would also call again just to be sure the person did not make a mistake.


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Fixed rate car loans normally have charges if paying off early. Variable shouldn't. Thats the way most banks run it.


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    #5
    narommy
    Registered Users Posts: 469 ✭✭narommy


    Jet Black wrote: »
    Thats an odd one. They only usually charge 3months of interest plus the principal. Its of no benefit you to clear it if its going to cost more.

    There is a benefit in that it would much improve our monthly finances and show that we have €x,xxx to spare each month........thus hopefully improving our bankability, but it kills me to pay over odds for it :-(


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    #6
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    Is it a fixed rate loan? These normally have hefty penalties for early clearance. If it's not, then consult the original T&Cs of the loan, as any fees or penalties should be listed in there.


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