As you can see from the example above, if you go for a short period of time, your monthly payments may increase, but you will save even more in interest and repay your loan sooner.
Just make sure you can afford the high payout before you switch.
If it costs money for a new loan, they should be included in the APR, but make sure you keep them in mind.
The amount that may be charged to you on the initial payment is limited by law - but if you pay £ 8,000 over a 12-month period.
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As you can see from the example above, if you go for a short period of time, your monthly payments may increase, but you will save even more in interest and repay your loan sooner.
Just make sure you can afford the high payout before you switch.
If it costs money for a new loan, they should be included in the APR, but make sure you keep them in mind.
The amount that may be charged to you on the initial payment is limited by law - but if you pay £ 8,000 over a 12-month period.