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Pay off car loan early

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  • 19-10-2016 12:46am
    #1
    MaudL
    Registered Users Posts: 231 ✭✭


    Hi,
    I have a car loan financed by BOI.
    I got the loan through the dealership, not BOI directly, this Summer.
    It is for a total of 60 installments and I have paid 4 so far.
    1. How do I go about paying it off early, since I only have a contract number?
    2. Will the finance cost be reduced since I would be paying off more than 4 years early?

    Thanks 


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    #2
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    MaudL wrote: »
    Hi,
    I have a car loan financed by BOI.
    I got the loan through the dealership, not BOI directly, this Summer.
    It is for a total of 60 installments and I have paid 4 so far.
    1. How do I go about paying it off early, since I only have a contract number?
    2. Will the finance cost be reduced since I would be paying off more than 4 years early?

    Thanks 
    Hi MaudL, thanks for getting in touch.

    This will depend on what type of agreement you have and whether the loan is fixed or variable. Can you let me know if it was a car loan or a hire purchase agreement?
    Thanks
    Nicola


  • Options
    #3
    MaudL
    Registered Users Posts: 231 ✭✭MaudL


    Bank of Ireland: Nicola wrote: »
    MaudL wrote: »
    Hi,
    I have a car loan financed by BOI.
    I got the loan through the dealership, not BOI directly, this Summer.
    It is for a total of 60 installments and I have paid 4 so far.
    1. How do I go about paying it off early, since I only have a contract number?
    2. Will the finance cost be reduced since I would be paying off more than 4 years early?

    Thanks 
    Hi MaudL, thanks for getting in touch.

    This will depend on what type of agreement you have and whether the loan is fixed or variable. Can you let me know if it was a car loan or a hire purchase agreement?
    Thanks
    Nicola
    Hi Nicola,
    It's hire purchase.
    Thanks
    Maud


  • Options
    #4
    Bank of Ireland: Nicola
    Closed Accounts Posts: 735 ✭✭✭Bank of Ireland: Nicola


    MaudL wrote: »
    Bank of Ireland: Nicola wrote: »
    MaudL wrote: »
    Hi,
    I have a car loan financed by BOI.
    I got the loan through the dealership, not BOI directly, this Summer.
    It is for a total of 60 installments and I have paid 4 so far.
    1. How do I go about paying it off early, since I only have a contract number?
    2. Will the finance cost be reduced since I would be paying off more than 4 years early?

    Thanks 
    Hi MaudL, thanks for getting in touch.

    This will depend on what type of agreement you have and whether the loan is fixed or variable. Can you let me know if it was a car loan or a hire purchase agreement?
    Thanks
    Nicola
    Hi Nicola,
    It's hire purchase.
    Thanks
    Maud
    Thanks Maud, if you check your hire purchase agreement it will specify the terms and conditions that apply. You can also contact our Bank of Ireland finance team on 1850 812 080 (choose option 3 on the menu) and one of our advisers will be happy to check this for you.

    Please let me know if you need help with anything else.
    Thanks
    Nicola


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