Personal loans can be used for things like purchasing a car (secured personal loan) or consolidating higher-rate debt like credit cards into a more affordable, unsecured loan. This personal loan repayment calculator will show you how much possible car repayments will be, or how much money you might save by consolidating debt. You may discover that it would be advantageous to take out a personal loan instead of charging that new carpet, your family holiday, or a new home theater system to a credit card. Personal loan repayments can be significantly less costly in the end, and more manageable on a monthly basis.
This calculator can also help you determine whether you could lower your monthly repayments by refinancing existing personal loan debt for a car. If you now owe less than the car is worth, you may be able to benefit from refinancing to borrow a smaller amount, or taking out a shorter term loan with a lower interest rate. Whichever type of personal loan you are considering, look at the results of making even a small extra repayment weekly, fortnightly, monthly, or even annually. You may be surprised by what a little extra can achieve.
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