Loan Calculator – Is it worth switching loans?

If you are borrowing money, then you not only want to make sure that you borrow the right amount for you, but that you are getting the best deal possible.

There are a variety of loans out there that you can choose from when you need to borrow money. Some will be designed for longer term borrowers, some will be designed for those who have poor credit ratings, some will be designed for short term lending.

One thing that many people who take out loans will often consider is whether or not they have the best loan for them. Particularly if you feel that your interest rate is particularly high and it is not reducing the overall borrowing amount as much as you would like it to.

In order to find the best deal possible, you may decide to spend time researching into all the different loans that you can take out and comparing which one is going to be the right one for you. This is one way to make sure that you are getting the best deal possible for your money, however, do you have the time to spare to spend doing this?

Chances are that you don’t. So, if this is true for you, then it may be worthwhile looking at other ways that you can save money when borrowing money.

Your Current Loan

How many months are left (months)?
How much do you repay per month (£)?
What will it cost to pay off your existing loan now (ring your bank and ask it for a settlement figure)?

Your New Loan

What’s the best interest rate you can get for a new loan (%)? 

Your loan switch calculator has been designed to do just that for you. It looks at your current loan, interest rates and repayments, comparing it to other loans out there. The thing to remember before you begin this process is that you will need to find out from your current lender how much your settlement figure will be on your loan.

This is because the lender is likely to not only charge you the full borrowing, but also a settlement charge, this is usually a maximum charge of two month’s interest. This amount will then be what you need to enter into the calculator to find out where the best deal is for you.

Once you have this information, you can see where you will be likely to save money. Not only on your monthly repayments, but the amount of money that you pay in the long term too.

Want to make sure that you are getting the best deal for your borrowing? If you do, then you may find that this loan switch calculator is the right tool for you. Designed to help you to save money when you borrow money, this is the ideal tool for anyone who has a loan and wants to save cash in the long term