How to adjust your loan

  • What you need to know

    Loan adjustment is when adding extra money into your vehicle finance account (also known as an advance) and using this advance to reduce your instalment amount or balloon payment. This amount needs to be greater than or equal to your instalment amount, for the feature to be activated. If the amount is less than your instalment amount, it will show on your account as Advance until it is enough to activate the feature.

    What are the benefits of a loan adjustment?

    • Reducing the balloon amount: This makes your settlement amount smaller if you are trading in at the end of your finance term.
    • Reducing the monthly repayment: This makes your monthly repayments smaller. You will still have the option to pay additional amounts and you can adjust your payments again in the future.

  • Absa Online


     
    1. Log in to Absa Online.
    2.  Tap More on your Vehicle Finance Account.
    3.  Tap Details.
    4.  Under Advance, tap Transfer now.
    5.  Transfer an amount that is equal to or more than your instalment amount.
    6.  Once your transfer is successful, tap More on your Vehicle Finance Account.
    7.  Tap Details.
    8.  Under Advance, tap Adjust my vehicle finance.
    9.  Select the item you would like to reduce (balloon or instalment).
    10.  Enter an email address to which we can send your confirmation letter and confirm that your cellphone number is correct.
    11.  Tap Next.
    12.  Make sure all your details are correct and tap Confirm.
    13.  If your request was successful, you will receive a confirmation letter within three days and your adjustment will take effect thereafter.


     

  • Banking App



    1. Log in to your Absa Banking App.
    2.  Tap your Vehicle Finance Account.
    3.  Tap Transfer.
    4.  Transfer an amount that is equal to or more than your instalment amount.
    5.  Once your transfer is successful, tap your Vehicle Finance Account.
    6. You will see an advance amount, then tap the Info tab.
    7.  Tap Adjust your loan contract.
    8.  Tap Adjust now.
    9.  Select the item you would like to reduce (balloon or instalment).
    10.  Enter an email address to which we can send your confirmation letter and confirm that your cellphone number is correct.
    11.  Tap Next.
    12.  Make sure all your details are correct and tap Confirm.
    13.  If your request was successful, you will receive a confirmation letter within three days and your adjustment will take effect thereafter.

     

     

     

Need more help?

Let one of our consultants help you to get the best vehicle finance for your needs.

Contact us

Call: 0860 669 669
Call Islamic Vehicle Finance: 0860 000 786