DWI CPD Test: Smart Ways To Reduce Your Finance Repayments

1. What is one smart way to lower your monthly finance repayments?

Refinancing to get a better interest rate

Ignoring your lender’s emails

Increasing your loan amount

Avoiding all payments

2. Why should you review your loan regularly?

To forget about your loan

To increase your interest rate

To close your account early

To ensure you’re still getting the best deal

3. What does refinancing a loan mean?

Asking a friend to pay for you

Canceling your debt immediately

Replacing your current loan with a new one at better terms

Ignoring all payment schedules

4. How can making extra payments help reduce total interest?

It increases your total debt

It shortens the loan term and lowers overall interest costs

It extends your loan duration

It causes penalties automatically

5. Why is it important to compare lenders?

Different lenders offer different rates and repayment options

All lenders charge the same

It’s a waste of time

It increases your monthly bill