Hope this is in the right section.
After 4 years of HP payments on our car, they are about to end (March I think) and a balloon payment of approx £4,000 will be due.
VW finance have offered to re-finance the balloon but at an APR of 17%!!
My mother in law has offered to loan us the money needed to pay off the balloon so the car is ours straight away, at an interest rate of 4% annually.
Would we be allowed to do this, as long as the monthly payments we make to her are not higher than what we have been paying up to now??
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