I bought a car about 2 years ago on finance. The car was priced at £11k and I was very quick to jump at the chance rather than thinking.
Over the 5 year period I'm paying over £18k in total, thats £7k interest, which is over half the value of the initial loan
The monthly payments are OK, its £300 per month, I'm not struggling with that since I still live at home and don't have many commitments. I'm seriously kicking myself paying such high interest when the exact same model can be bought outright for £4k now
If I try to payup early, will I pay less interest? Is there anything I can do or do I just have to grin and bear it?