Avaf ***

Car loans typically use a simple-interest format, meaning that the interest you owe on the payment date is based on the principal on that same day. However, the amount going toward your principal changes every month because a simple-interest car loan is amortized. This essentially means that as you pay off your loan, the principal goes down, and the interest you pay is based on this principal debt...my installment is fixed and my car looses value daily yet absa has the guts to increase my instalments.Firstly this car was bought on 72 months but because they capitalize on us they went on to increase the months with a whooping 7 months.Thats business naiveness coming from Absa Team.What a pathetic service