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Bank of Ireland car loan

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  • 03-02-2011 7:01pm
    #1
    sean72
    Registered Users Posts: 379 ✭✭


    Hi I've a 1.5 years left on a 5 year car loan (fixed rate). I really want to get rid of this loan a early but can't afford to clear it completely. Is it possible to increase the monthly payments on a loan like this or am I stuck with it?


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    #2
    WIZE
    Closed Accounts Posts: 3,597 ✭✭✭WIZE


    what did the bank say when you called them


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    #3
    sean72
    Registered Users Posts: 379 ✭✭sean72


    I missed the customer service hours (closed at 17.30). So I thought I'd tried posting to see if anyone had knowledge of this. I will try to ring tomorrow but thought I might get some tips??


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    #4
    Mort5000
    Registered Users Posts: 419 ✭✭Mort5000


    It will come down to whether they're prepared to change your agreement and whether there is a penalty for paying early (or making the change).

    Do some maths and work out whether it is worth it after you've had a chat to the load provider.

    Good luck.


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    #5
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    I had a similar loan up to recently.
    They wouldnt accept any extra payments over the term of the loan.
    I cleared it off just before christmas (13 mnths left), think I saved about 40/50 in interest payments.


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    #6
    sollar
    Closed Accounts Posts: 2,007 ✭✭✭sollar


    I had a car loan with them a few years ago and rang to see if paying it off early would save me anything. It didn't i had to pay the full loan off as if it lasted the full 5 years.

    I will never get another loan of them like that again the credit union is far better imo.


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    #7
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    I have a car loan from BOI where I can clear it off for slightly less than the full amount, but I can't pay it off before half the term has passed, at which stage I've already paid most of the interest. As you get closer to the end of the term, the savings in paying it off early are lessened. A year out, there's probably no saving or just a few quid.

    The best thing to do is to put extra money aside each month and then use that to clear the loan early.


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