1. Negotiate with your lender
Your lender may be willing to reduce your monthly payment if you can demonstrate a financial hardship. If you are going through a challenging time make contact with the bank to explain your situation and find out what are the alternative solutions available to you.
2. Refinance your loan
You may be able to lower your interest rate and monthly payment by refinancing your car loan. Most banks are willing to refinance you loan (depending on the situation).
3. Increase your down payment.
Increasing your down payment can reduce your monthly payment and the total cost of the loan. Before taking out a loan for your vehicle try to save and make sure that you have a big deposit.
4. Extend the loan term.
Extending the length of the loan can reduce your monthly payment, but it will also increase the total amount of interest you will pay over the life of the loan.
If you require assistance to manage your finances or debt get into contact with us on info@thumaminadebt.co.za for advice.
