I was wondering is it possible to get a fully flexible loan in this day and age?
I'm thinking of getting out a loan for a car (A personal loan, not HP) over 5 years with the intention of paying it off in half that time giving me the widest birth possible incase i have a bad few months.
Is this possible or are the banks just after locked in customers and a set amount of interest?
I think if you have a variable rate loan then you have to be allowed pay off extra without penalty.
I don't know whether banks are offering variable rate (or any other type) loans at present, try ringing your own bank first and see whether they can accomodate you.
I've just paid off a variable rate 5 year car loan with BOI. I went to see whether or not I could get another if I wanted to update my car. I was told that my credit history, salary etc was excellent (I have a fully paid up mortgage and a clear credit card and earn just under 90k) but they would only offer HP. Sticking with my 5 year old car!
I got a variable rate car loan for €24k in March/April 2010. I got it specifically to allow me to pay off early, setting the term over 5 years to avail of lowest minimum monthly payment.