I have 2 loans with HSBC and I have enough money to pay off the remaining balance on one of them.
1 - £7,650, 50months remaining, £150/month
2 - £6,800, 24months remaining, £280/month
The early repayment/redemption figure is pretty much the same for both loans, which is around £6,600 each. Repaying 1 would give me the biggest saving while repaying 2 would free up almost twice as much money as 1.
Which loan would you clear?
Its worth pointing out that which ever loan is cleared, the normal loan repayments for it will go towards clearing the other loan quicker