What happens if I miss my car installment?
If you miss 3 months or more monthly payments, it’s very likely that you won’t be able to catch up with your repayments again. To avoid your car being repossessed, don’t wait until you miss more monthly repayments. Act now!
How can I reduce my car installment?
Negotiate the Purchase Price: A lower purchase price leads to lower monthly payments. Choose a Shorter Loan Term: While this may increase monthly payments, it reduces the total interest paid. Make a Larger Down Payment: This reduces the loan amount, hence lowering the monthly payments.
Can I restructure my vehicle finance?
The available options include the restructuring of payments, also known as forbearance. This option allows you to restructure your repayments under your Vehicle Finance Agreement.
Can a balloon payment be paid in installments?
Benefits of a balloon payment
For example, if you buy a car for R400,000 with a balloon payment of 20%, your monthly instalments will be paying off a capital balance of R320,000.
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