Best way to pay off a loan

[ICanTuckMyBoobsInMyPockets]

I took out a loan a few years ago to consolidate some debts.
I have 2 years left at £130 per month.
Whilst I can afford this I'd rather pay it off a bit quicker or pay less each month.
I had the genius idea of getting a 0% credit card for balance transfers but it's only for existing credit cards.
Should I just get a card, pay it off then move it to a. 0%?

Only if you can pay it all off before the 0% period ends. It would be unusual to have such a long interest free period. You're right to want to pay your loan off ASAP though. Good luck.

I can do, and it saves me £40 per month!
Will I definitely get 2 cards approved in quick succession?

It's the Barclaycard Platinum, 30 months interest free.

How are you going to get money from CC to loan ac? If you withdraw as cash it's likely interest will be applied. Also, with my Barclaycard, while my limit is £11k the max I can take in cash is £3k...

That's what I thought.
But if I just pay it with one card, pay it immediately with the zero % one, it shouldn't accrue any interest should it?

No, but I don't think Bank will let you pay it off paying it with the card...you can't repay credit with credit ...

Oh.
Thank you.
I'll just carry on doing what I'm doing then. Only 24 payments to go!

Sorry, didn't mean to rain on your parade can you afford to make extra payments to it? That will pay it off quicker ...

Virgin were doing a 0% card which you could tfr to a bank ac.

You didn't Mum, sorry if I made out that I thought you had.

I'll check with Black Horse if they'll let me pay with a credit card first, then apply for the 0% one, then the other one so if I get declined there's nothing lost.

Thank you all for your help

Usually cash transfers from a card are charged 2 - 3% fee.

What are the T & C's for early repayment on the loan, could you put an extra £10/20/30/whatever a month into a separate savings account then when it equals the loan balance repay the lot at once?

Black horse tend to load up their interest for the whole term onto their loans at the start - so paying off early will not "save" much - with 2 years to go you will mainly be paying capital back now.... there will be a small amount taken off the loan balance value for early repayment - but not a lot...

it is why they do it - to stop people switching the loan towards the end.... the balance transfer fee on a 0% card would probably not make it worthwhile swapping... sorry.....

These cards here www.stoozing.com/credit-cards/super-balance-transfers.php allow so-called 'super balance transfers' where you can transfer the balance to your bank account and therefore then use the money to settle the loan.

Be careful with this though. I am worried that you say you would like to either pay it off sooner or pay less each month - these arent compatible! If you move it to a 0% card and don't clear it by the time the 0% runs out, you will end up paying more in interest, not less. Especially when you take into account the 4% fee many of those cards charge for the balance transfer.

(I never make any money from the links in my posts.)