I would like to Refinance My Vehicle

Vehicle repayments getting you down? Chin up.

Am I a candidate?

Has your buck lost its bang? It’s no wonder with interest rates rising and the value of your income dropping; there’s a mountain of debt to climb. Don’t despair! Autofin Assist can help you get cash out of your car whether it’s financed or paid-up.

If you’re looking to save money each month, we can help. By extending the repayment period on your vehicle loan, we can lower your monthly installments. What’s more, we can also try to find you a cheaper interest rate on your vehicle, which not only lowers your repayments but also the overall cost of the vehicle.  

If you need money fast and don’t have time to save, we can help you get cash out of your vehicle instantly. By giving you the value of your vehicle in cash and allowing you to repay it as you would with a vehicle loan, we give you access to the cash tied up in the vehicle without you having to get rid of it. That’s a win win!

What is refinance?

Refinance is simply the act of replacing an existing loan with another loan that has better payment terms in order to save you money. Autofin Assist’s refinance can help you get money out of your vehicle in three ways.

Extending the payment period

By extending the period over which you repay your vehicle, we can lower the amount you pay each month on your vehicle loan installments. Paying a loan of R100,000 over 36 months at an interest rate of 12% will cost about R3,359 each month. Paying the same loan over 72 months is about R1,977 per month, which is a saving of R1,382 each month. If you are struggling to make your monthly installments or need extra income each month, extending the payment period can help you.

Lowering the interest rate

Various financial service providers offer different borrowers differ interest rates. By refinancing your vehicle, we may be able to get you a lower interest rate. Paying a loan of R100,000 over 36 months at an interest rate of 12% will cost about R3,359 each month. Paying the same loan at an interest rate of 9% is about R3,216 per month, which is a saving of R143 per month. This works out to a saving of more than R5,000 over the payment term and only if the interest rate stays the same.

Paying the cash value of your vehicle

If you are looking for cash instantly, we can assist. We can give the full retail value of your vehicle to you in cash and allow you to repay it as you would a vehicle loan. This gives you access to the cash tied up in the vehicle without having to sell it. That’s a win win.

How does refinance work?

Refinance with Autofin Assist is easier and cheaper than applying for a loan through your bank or negotiating the terms of your existing vehicle loan.

Step 1

You complete the online application form that allows us to determine if you are able to repay the vehicle loan.

Step 2

We determine a suitable payment period with you, taking your monthly expenses into account. At the same time, we look for a cheaper interest rate with one of our financial partners.

Step 3

We cover your existing vehicle loan amount up to the vehicle’s retail value.

Step 4

You continue making vehicle repayments to us and at a lower monthly amount than you were previously paying.

 

Don’t give up your vehicle. Refinance it!

 

Do I qualify for refinance?

In order to qualify for vehicle refinance you need to qualify for finance. This means that your credit record is clear of any judgments, you are a South African citizen, you have a valid driver’s license, and that you earn enough per month to cover your expenses and the repayments. If you are refinancing an existing vehicle loan, you have probably already met these requirements.

 What’s more, refinancing does not affect your credit score. It is not debt consolidation or a form of debt counseling. Refinancing is simply the act of replacing an existing loan with one that has better repayment terms.

Advantages of refinance

Even if you are able to repay your vehicle loan under its current terms, refinancing may be able to save you money. Here’s how.

You can pay less for your car each month.

By refinancing your vehicle, you can extend the payment period of your vehicle loan. This allows you to reduce your monthly installments. This means that if you decide to purchase a house, for example, and your monthly expenses increase as a result, you can reduce the amount you pay on your vehicle loan to cover the shortfall.

You can pay less for your car overall.

If you qualify for refinancing, we may be able to find you a cheaper interest rate. This means that by the time you have repaid the vehicle loan, you will have paid less interest on the vehicle than if you repaid it over the same term with your current financial service provider without making any additional payments.

You can get the value of your car instantly in cash without getting rid of it.

If your vehicle is paid-up, even partially, you can access the amount you’ve repaid in cash instantly by refinancing it. This means that if you have a medical emergency not covered by your medical aid, for example, you can refinance your vehicle to cover the hospital bills without having to sell your vehicle.

You can get cash at a cheaper repayment rate.

The repayment terms of a refinancing loan, such as the payment period and interest rate, are often better than those of a credit card. This means that if you decide to go on your dream holiday, you can get instant access to the cash you’ve invested in your vehicle and repay it over a longer period and at lower interest than your credit card.

 

Contact us to see how much we can save you each month in vehicle repayments