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Question about a loan

[Deleted User] · 2014-01-28 09:32:13

Say I took out a 3year loan of 5000e from aib. The cost of the loan would be 1157.44e (171.04x36) Now say I paid the loan off early. Is the cost of the loan fixed at 1157.44 or does it become cheaper as the time has changed? Thanks

28-01-2014 9:32am

#1

[Deleted User]
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Say I took out a 3year loan of 5000e from aib.
The cost of the loan would be 1157.44e (171.04x36)

Now say I paid the loan off early.
Is the cost of the loan fixed at 1157.44 or does it become cheaper as the time has changed?

Thanks

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Comments

#2 28-01-2014 9:37am

roro2

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It's cheaper, as long as you're not on a fixed rate. The earlier - the cheaper.

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#3 28-01-2014 10:22am

[Deleted User]
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Thanks roro2
Thats what I thought but like every thing its not clear in the T&Cs!

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