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Change from a Variable to Fixed Loan

  • 26-02-2008 10:44pm
    #1
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭


    I got a car loan with BOI 2-3 years ago.
    It was a variable loan which had a low rate at the time it was 9.5%.
    I got my statement and it showed that the interest had gone above 13% (the highest it can get) and ever quarter there was a 150 euro+ interest charge.
    When I took it out I did not have a clue about this and was not given information that I had a choice. My fault really.

    But anyway my question is can I change from a variable to a fixed loan.


Comments

  • #2
    Hitchhiker's Guide to...
    Registered Users, Registered Users 2 Posts: 3,323 ✭✭✭Hitchhiker's Guide to...


    moved to banking forum.


  • #3
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Not really. The only thing you can do is re-arrange the loan with a new one and swap it over to a fixed rate.

    Most banks are offering much lower rates on vari rate loans now.


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