Paying off a loan earlier.

[diyicant]

Bought a apple laptop in May of last year. And looking to pay whole debt off early (as in now). Will I be charged what is left owed or as i'm paying back early will I receive a discount?

 

[rjm2k]

Read the loan terms and conditions,it will be in there.

 

[noseall]

Lenders love drawn out, long standing loans. It's what being a loan shark is all about.

Early repayment charges or redemption charges are likely to apply.

 

[big-all]

yes read the t&c for early redemption penalties
if the loan is third party as in bought from currys and finance from rip off and sons
rip off and sons pay a big fat fee to currys so early repaying will include the comision to curries then the expected loss off profit/ expected costs

 

[joinerjohn]

I remember some years ago, when you could save money by paying a loan early. Sadly those days are gone. The banks will penalise you for p****ng in the wrong place these days.

 

[kbdiy]

Yes it will depend on the T&C's but I have found in most cases you are charged up to about 3 months interest (not capital) plus the outstanding capital amount to redeem. I have done this on a number of occassions, most recently with GE Finance and had no issues.

 

[JimBeam]

The most ridiculous one is a phone contract, where you actually have to pay more that you would if you'd just keep making the payments. So paying it off early costs you money. That just criminal.

 

[diyicant]

Paid off turned out I saved like £20

Now I owe no one any money (bar mortgage) but credit score hasn't updated yet!