Possible reasons to review
You may want to understand whether your monthly payment, rate or term still fits your circumstances. A review can also help you see the difference between a lower payment and a lower overall cost.
Reasons it may not suit you
It may not be suitable where a new term would increase the total repayable, where the settlement figure and vehicle value do not work together, or where your current lender has another support option that better meets your needs.
A balanced checklist
Compare the current and potential new payment, APR, term, total repayable, fees, early-settlement position and agreement conditions. Take time to read the information provided before deciding.
Questions to consider
- Can rates change between an illustration and an agreement?
- Terms can change following further checks or updated information. Read the final information carefully before entering into an agreement.
- What should I do if I do not understand a term?
- Ask the relevant provider for an explanation before proceeding. Take time to understand payments, duration, fees and early-ending terms.