R
Loans
Refinancing
Replacing an existing loan with a new one, typically to obtain a lower interest rate, reduce monthly payments, or change the loan term. Refinancing can save you money if interest rates have dropped or your credit score has improved since you originally borrowed.
Usage Examples
"She refinanced her personal loan from 24% to 17% after her credit score improved over two years of on-time payments."
"Before refinancing, calculate the total cost including any early settlement penalties on your existing loan."
"Refinancing your home loan when rates drop can save tens of thousands of Rands over the remaining term."