Car loan payments

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Pablo74

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Hello
I have 13 months left on my car loan with TSB. There is €4500 outstanding on it. I have €2000 spare at the moment, can i pay TSB 2K to reduce my loan ? If so, those it mean that i will finish my payments sooner or will it reduce my monthly payments ?
Pablo74
 
If it is a variable rate loan you can usually make lump sum payments to reduce the term of the loan with the monthly repayments staying the same. If it's a fixed rate loan you may not be able to do this and there may well be exit penalties if you tried to clear the entire outstanding amount owed.
 
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