Refinance my vehicle with a Bad credit record

Vehicle repayments getting you down with no money to show for it. Chin up.

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

If you are looking to save money each month, by getting cash to pay off those debts that is piling up we can help. By extending the repayment period on your vehicle loan, we can lower your monthly installments. 

If you need money fast and do not have time to save, we can help you get cash out of your vehicle instantly. By giving you 80% of 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 is a win, win!

What is vehicle refinance?

Refinance is simply the act of replacing an existing loan with another loan that has better payment terms to save you money. Autofin Assist’s refinance can help you get money out of your vehicle even if your credit record is tarnished (bad credit record).

Paying the cash value of your vehicle

If you are looking for cash instantly, we can assist. We can give you up to 80% of 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 is a win win.

How does vehicle 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. The Big problem and obstacle in your way is that your credit record is tarnished (bad credit record) and no bank will look at your application or even enter in to negotiations with you. We at Autofin Assist will look at your application and we will help you.

Step 1

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

Step 2

We determine a suitable repayment amount with you, taking your monthly expenses into account. At the same time, we look at what is the maximum amount in a form of the value in your asset, car / motor vehicle that can be paid out to you.

Step 3

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

Step 4

You continue making vehicle repayments to our financial partners Rent to Own with cash in your pocket.

Do I qualify for vehicle refinance?

In order to qualify for vehicle refinance you need to qualify for finance. This means that the Rent to Own will not look at your credit record even if it is tarnished/ Bad judgements and so on. If 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 is 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 can give you NOW a cash pay-out in these difficult times without getting rid of your car / motor vehicle.

Advantages of vehicle refinance with Autofin Assist.

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

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 have 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 even with a Bad credit record.

Yes, Rent to Own will not look at your credit record at all but will only look at your proven income and to determine your affordability on the repayment per month. 

You can get cash even if your car is currently financed with a Bank.

Autofin will get a settlement letter from your existing bank where your car / motor vehicle is financed, and we will settle the outstanding amount in full. The remaining equity left in the deal, that means, the value of your asset, that means, the settlement amount still owed to the bank will be paid out to you.

This will only happen after you have gone through the application process and Autofin has determined how much money will be paid out to you, after your existing loan with the Bank is settled.

How does Refinance with Rent to Own work?

Rent to Own is there to help a client that is listed on their credit profile as a slow payer (you have got accounts in arrears) got Judgements, Defaults or you are under debt review. The rent to Own system will not look at your credit record but will only concentrate on 2 main factors and that is: Can you afford the loan of the monthly repayments? and Is there value in your car / motor vehicle? There for your monthly   income that can be proven by way of payslips and bank statements must prove a stable monthly income to afford the monthly repayments.

Please note Rent to Own is an Asset-Based loan, there for you must own a car / motor vehicle. Rent to Own will give you a loan against the value of your car / motor vehicle, the value will be based on the Auto dealers guide value certification according to Trans Union. Due to the risk that the Rent to Own is taking in helping you with your tarnished credit record (bad credit record) only +- 80% of the retail value according to the auto dealers guide value certification according to Trans Union will be considered.

Apply online today

We’re pleased to meet you. Complete our quick and easy online application form and we will contact you to discuss your application and options.