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Repaying off loan

  • 03-12-2005 6:22pm
    #1
    esperanza
    Closed Accounts Posts: 689 ✭✭✭


    I would like to repay the remainder of my loan off. It's a fixed personal loan with BOI that I took out last year. The repayments are for 24 months, it's only 40 or so a month but I want to pay the whole lot off now. Can I do this? I've tried contacting the bank and I still haven't got an answer, so I thought someone on boards.ie might know the answer to my (stupid???) question.


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Generally, you can pay a fixed loan off early but the bank may charge you a penalty charge for doing so.


  • #3
    esperanza
    Closed Accounts Posts: 689 ✭✭✭esperanza


    In fact, I need another 1000 loan and this is why I want ot pay off this oan first as I'm afraid BOI won't grant me another loan. Or perhaps they don't give a damn.


  • #4
    tman
    Closed Accounts Posts: 16,339 ✭✭✭✭tman


    banks love giving money away.
    i managed to get a €1400, 12 month loan with AIB, then a €1000 loan 6 months later.
    unless you've got a bad history of paying the previous loan's installments, you shouldn't have a problem.


  • #5
    Vokes
    Registered Users, Registered Users 2 Posts: 5,836 ✭✭✭Vokes


    Couldnt you ask to renegotiate the terms of your current loan and supplement it by €1000, thereby paying the 40quid a month, just for longer though...


  • #6
    samo
    Registered Users, Registered Users 2 Posts: 2,179 ✭✭✭samo


    SofaKing wrote:
    Couldnt you ask to renegotiate the terms of your current loan and supplement it by €1000, thereby paying the 40quid a month, just for longer though...


    Did exactly that recently....and was no problem with BOI. In my case, they cleared the original loan and gave me a top up of 1k, it was approved within 20 mins of filling the form out in the branch, they cancelled the direct debit for original loan and 1k funds were in current account within 2 days and a gave me a deffered 1st payment date for new one.

    Was no hassle with BOI (was really quite surprised that it went as smoothly as it did!) only difference was they left the term of the loan the same and just paid an extra 7-8 euro a month more.


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  • #7
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    Yup, they might very well top-up your existing loan without penalty


  • #8
    esperanza
    Closed Accounts Posts: 689 ✭✭✭esperanza


    SofaKing wrote:
    Couldnt you ask to renegotiate the terms of your current loan and supplement it by €1000, thereby paying the 40quid a month, just for longer though...

    That sounds great. I have a good relation with my bank, this is my first loan and I have had no problems with the repayments.

    I'll inquire asap. Thanks again.


  • #9
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    If there is a chance that you'll be able to repay the top-up loan in advance of the repayment schedule, avoid fixed rate loans (which have built-in penalties for early repayment). Stick with variable.


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