Question about Vehicle Finanace and Interest rates

[MielieSpoor]

So the interest rate was dropped beginning of April, am I supposed to see that reflected in my montly payment at the end of February or not?

The debitorder amount this month (end Feb) is exactly the same as it was end Jan.

This doesn't seem right to me because if the interest rate went up beginning of Feb, my monthly payment would've gone up end Feb!

(I'm with Standard Bank)

 

[supersunbird]

Depends... When did you buy? Are you sure you are not on fixed interest rate?

The cut only happened IN Feb. So maybe it will drop end of March, depending on the financing house.

 

[MielieSpoor]

I bought 2 years ago today. No variable. My loan was initially a loan for staff at Standard Bank, but I left the bank so now its varaible because it goes up and down when the rates go up or down.