Loan Repayments Calculator
At Life After Debt® we want to help you find the debt solution that is best for you. We have provided this Loan Repayment Calculator as a general indicator of how Debt Consolidation or Loan Refinancing may help.
Our Consultants are experienced in assessing all sorts of situations. If Debt Consolidation or Loan Refinancing is right for you, we will put you in touch with the Professionals who can help.
At Life After Debt® we specialise in debt solutions once lending, loan refinancing or consolidation are no longer possible. If you have been declined for Debt Consolidation, then our consultants can talk to you about other debt solutions for unmanageable personal debt.
Most commonly people focus only on the interest rate when looking for finance when in reality you should be considering a range of issues. Here are just some of the points you should clarify before agreeing to a new loan;
- Interest rate – the most common factor to consider – are you paying too much?
- Term of loan – 84 months doesn’t sound long until you work out it is 7 years! If you are buying car, the warranty will likely have expired long before you have paid for the vehicle.
- Affordability – if you cannot afford the repayment, do not proceed. It may seem like a great quick fix but will be worse in the long run.
- Type of loan – is it secured or unsecured? If secured, do you know what item(s) are being used for security? Eg car, household goods etc.
- Lender – different lenders are ‘rated’ differently when they appear on your credit file.
- Purpose of the loan – does the new loan fit your purpose? If it doesn’t fully meet your objectives, you may need to re-think.