Don’t accept high interest rates, there could be a chance that you can qualify for a lower rate by choosing to refinance your car and by doing so save on your current monthly instalments.
You can lower your monthly instalments by extending your credit or apply for a reduced interest rate on your current vehicle finance.
Finance your residual/balloon amount with a lower installment and interest rate for up to 72 months.
If your vehicle’s current market value is higher than your outstanding credit balance, you can get cash back.
Refinancing is securing a new loan with monthly payments that are lower than your existing loan. This difference can be achieved by obtaining a loan on a lower amount, or securing a lower interest rate. This savings puts extra money in your pocket by lowering monthly payments. This can make a big difference in your budget, and reduce the stress on your personal finances.
When you restructure your car loan, you can elect to benefit in several ways:
Here is an example of how refinancing can benefit you financially:
If you had bought a 2008 double cab that had cost you R 200,000 your monthly instalment would be R 4,650 over 72 months at a 16% interest rate. Refinancing it over the same term at 12% interest would yield an R 2,950 instalment, which is a staggering saving of R 1,700 per month.
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