Here to seek views on what the best course of action would be.
At the moment I have a loan for a car and a financed car too (one car is mine is the Mrs).
The car finance has 18 months to go on a 3 year agreement and my plan is to buy it outright at the end of the term, this would be a loan too.
When the finance was taken out money was more free, savings were good but now I'm at a time where a child has turned up, savings have had to be used and pay isn't keeping up with the cost of living. I would really like to build up the savings safety net again.
I'm looking at the idea of combining the loan and with the car finance and making one loan payment a month. Currently this works out at roughly £470 but can get this down to around £250 combined over 6 years.
If i did nothing at the end of the finance agreement my combined amount would be £200 over 5 years.
Any thoughts and advice appreciated?
Also, I know hindsight is 20/20
At the moment I have a loan for a car and a financed car too (one car is mine is the Mrs).
The car finance has 18 months to go on a 3 year agreement and my plan is to buy it outright at the end of the term, this would be a loan too.
When the finance was taken out money was more free, savings were good but now I'm at a time where a child has turned up, savings have had to be used and pay isn't keeping up with the cost of living. I would really like to build up the savings safety net again.
I'm looking at the idea of combining the loan and with the car finance and making one loan payment a month. Currently this works out at roughly £470 but can get this down to around £250 combined over 6 years.
If i did nothing at the end of the finance agreement my combined amount would be £200 over 5 years.
Any thoughts and advice appreciated?
Also, I know hindsight is 20/20