Hi all. My wife and I have 2 separate loans with our local credit union. I did some rough maths myself, and assumed that it would be cheaper in the long term to combine the 2. The credit union tried to fob me off saying that it involves alot of paperwork, and there is no great saving to be made anyway. So I am doing my own bit of research here to make sure. If I include all facts and figures, I would greatly appreciate if someone could advise me on what to do.
Loan 1: Balance as of 8 Oct 2009 is €8999.72. (Just got a top up on this date.)
This involves 259 weekly payments of €43.57 and 1 final payment of €39.91. (We pay €45 per week if this matters)
Total amt repayable is €11298.64.
Cost of Loan is €2298.92.
APR is 9.93%
Interest rate per annum is 9.48% variable.
Loan finishes on 2 Oct 2014
Loan 2: Balance as 30 Jan 2009 was €11927.41. (loan started on this date)
This involves 257 weekly payments of €58.06 and 1 final payment of €20.65. (We pay €60 per week if this matters)
Total amt repayable is €14942.07.
Cost of Loan is €3014.66.
APR is 9.93%
Interest rate per annum is 9.48% variable.
Balance as at 14 Oct 2009 is €10,455.72
Loan finishes on 10 Jan 2014.
Thats all the info!! No seriously, any help appreciated or if more info is neened, let me know.
Thanks
Loan 1: Balance as of 8 Oct 2009 is €8999.72. (Just got a top up on this date.)
This involves 259 weekly payments of €43.57 and 1 final payment of €39.91. (We pay €45 per week if this matters)
Total amt repayable is €11298.64.
Cost of Loan is €2298.92.
APR is 9.93%
Interest rate per annum is 9.48% variable.
Loan finishes on 2 Oct 2014
Loan 2: Balance as 30 Jan 2009 was €11927.41. (loan started on this date)
This involves 257 weekly payments of €58.06 and 1 final payment of €20.65. (We pay €60 per week if this matters)
Total amt repayable is €14942.07.
Cost of Loan is €3014.66.
APR is 9.93%
Interest rate per annum is 9.48% variable.
Balance as at 14 Oct 2009 is €10,455.72
Loan finishes on 10 Jan 2014.
Thats all the info!! No seriously, any help appreciated or if more info is neened, let me know.
Thanks