Will refinancing really save me money?

Many people who choose to change loans before completion are often misled by lower interest rates. While loans of this type may result in lower monthly payments, many customers find themselves disadvantaged by an overall increase in the cost of the loan. This can be due to an increase in the loan term or additional fees. If you have an existing Esanda car loan and are contemplating refinancing, the Esanda comparison estimator may help you make the right refinancing decision. It provides you with an estimate of the dollar impact of transferring from your existing Esanda loan to an alternative product.

Disclaimer

The Esanda comparison estimator has been developed for Esanda Consumer Car Loans only written under the Uniform Consumer Credit Code. The estimator cannot be used to compare any other Esanda product (Offer to hire, Chattel Mortgage, Lease) with your proposed alternate finance. The indicative cost provided is an estimate only and is provided for illustrative purposes. It is based on the information provided by the customer and Esanda’s current methodology for calculating interest remaining and loan repayments. It does not take into account the methodology used by your alternate financier to calculate your total interest and other charges payable. The payout figure entered by you for your existing Esanda facility is used as the amount drawn down under a new facility with an alternative financier. For the purposes of the calculation, we have assumed interest rates remain constant for the term of your proposed new loan.