Car finance woes

[twenty7d]

Ok here goes, let's say I'm paying R3300 for a car and I've paid for 3 months now with zero deposit. 72 months to pay. How would I calculate my reduced monthly installment if I wanted to bring it down to R2500 or less. As in pay up a certain lump sum to reduce my monthly. Do I use same method as deposit calculations

 

[KOPITE]

Ok here goes, let's say I'm paying R3300 for a car and I've paid for 3 months now with zero deposit. 72 months to pay. How would I calculate my reduced monthly installment if I wanted to bring it down to R2500 or less. As in pay up a certain lump sum to reduce my monthly. Do I use same method as deposit calculations

Only way for you to do it is either to extend your loan period or pay a huge upfront payment into the account to reduce your payment to 2500 or less which will eat away the accumulated interest that you would have paid over a period of time

 

[KOPITE]

You would need to pay about 70k/80k in to pay the reduced amount

 

[TPants]

Assuming you are paying 0% interest as none stated then pay the current difference in installment x no months remaining (69) and that would be your lump sum (R 800 x 69 = R 55 200). Discount accordingly per your interest rate.

 

[KOPITE]

Assuming you are paying 0% interest as none stated then pay the current difference in installment x no months remaining (69) and that would be your lump sum (R 800 x 69 = R 55 200). Discount accordingly per your interest rate.

3300 over 72 months with interest included come to basically R237 600.

Over the same period and pay R2500 a month, he then needs to put in R57 600 which will also decrease he's interest

 

[TPants]

3300 over 72 months with interest included come to basically R237 600.

Over the same period and pay R2500 a month, he then needs to put in R57 600 which will also decrease he's interest

Yes but OP already paid 3 months of this loan. You will arrive at R 55 200 using your logic too.