If you had your car financed 24 months ago for R194,000
at an interest rate of 14%,
your current monthly instalment would be R4,632.
Two years later, your settlement value on this vehicle is R127,900.
By refinancing this loan on the settlement amount of R127,900
at a lower interest rate of 10%,
the new monthly installment would be R2,800
– which is a monthly saving of R1,832!