THE PROS OF EXTENDING YOUR INSTALMENT!
Extending your current vehicle instalment is the replacement of an existing debt obligation or loan with another debt obligation or loan under different terms.
The new loan pays off the current debt so that debt is not eliminated. However, the new loan should have better terms or features that improve your finances. Typically, the process allows you to shift the debt to a better place, resulting in you saving money each month!
Here are some pros of extending your current vehicle instalment:
Extending your vehicle instalment allows you the opportunity to reduce your current monthly payment. Resulting in noticeable savings and better terms. This will help many people affected by the current COVID-19 situation that is happening in South Africa.
SKIP A CAR PAYMENT
By extending your current instalment, terms can be negotiated that allows you to skip one months’ instalment payment. Skipping a payment on your new terms will help you get your financial stakes in order and will assist in the overall purpose of the extension.
OPPORTUNITY TO LOWER INTEREST RATE
The biggest benefit of extending your car loan is scoring a lower interest rate, which decreases your monthly payments. Interest rates change frequently, so you should make the best of your improved financial health.
MAINTAIN A GOOD CREDIT RECORD
When extending your current vehicle instalment, and you have kept up to date with the payments, the loan activity is reported to the credit bureaus and will positively impact your credit record. This is an important step towards maintaining a good credit profile.
SATISFY OTHER FINANCIAL OBLIGATIONS
Extending your instalment also allows you to put the money you save towards other financial obligations, like your mortgage, rent, or bills. Finding ways to save money has become important for many people during the pandemic. Having more cash in your pocket to put towards expenses can help reduce a financial burden.
At Orange Finance, we understand that consumers are dealing with a lot of stress because of COVID-19. Many people are thinking about their money differently and are looking to save wherever they can. That’s why we’re here with the guidance you need to ease your mind and provide answers to all of your financial questions.
Contact us NOW and we will help you save money!
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