Business loan advice

May 15, 2005 1 Replies
T

Hello all



Last year I took a 12000 business loan from Lloyds TSB Business.



The repayment on this is around 200 per month, but the interest is about



100, which means it's only going down by about 100 per month.

I wondered whether I'd be able to take a credit card with favourable terms out and pay off the loan with that. It may even be worth taking a loan with a cheaper company and moving to them.



Could anyone advise if there is a obvious solution to this (other than not taking the loan in the first place!)



Thanks very much



Richard


Vote
Twitter Facebook LinkedIn
J

In message , Tim Charles writes

You have not given enough information for us to advise you fully.

What is the APR of the loan., Over what period did you take the loan?

In the early years each monthly payment consists of more interest than capital. The amount of interest paid each month reduces each month and the amount of capital repaid increases. IN the last month there will likely only be a couple of quid interest with the remaining £198 being capital.

Vote
Twitter Facebook LinkedIn

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required