Maximum interest rates are linked to the South African repo rate
(Reserve Banks repurchase rate).
- Home Loans = Repo rate times 2.2 plus 5%.
- Credit cards, store cards, overdrafts, vehicle loans = repo rate times 2.2 plus 10%.
Ask them for a settlement figure.Hi everyone, I recently discovered that dealership charged me 18.6% interest for 73months. Bought the car in 2016July for R120.000. Any legal advise route I can take to get the contract revised? Your input will be highly appreciated
based on this: https://mybroadband.co.za/forum/threads/car-finance-interest-rates.948849/What is a good interest rate?
It might be that OP is also a high liability and was probably below 21 yo at the time? If it plays a role.... Bad credit record?
Okay please explain the whole process.