Chin up. We can help !
Your expenses are increasing and now you are buying a property but your salary stays the same. What now?
When you decided to purchase a property, you made sure you could afford all of your monthly expenses. But interest rates most probably will increase, the cost of living will go up, and you will have more expenses at the end of every month. If you have the cash for your bond & transfer fees but you are not sure what your moving cost will add up to, keep your cash! You will need it. Or if you are in need for your bond & transfer fees maybe a deposit as well…. Don’t despair! Autofin Assist can help you!!! By refinancing your car through one of the major financial service providers in South Africa for its current retail value, you get instant cash in your pocket and pay lower monthly installments. You replace your current car loan with one that has a longer repayment period and lower interest rate, et voila! Get the cash you need and instantly save yourself money each month….. It’s really simple!
Thinking of buying a property, but you do not have the costs or a deposit, but you do own a motor vehicle. Autofin Assist can make it happen for you.
You complete our simple application form that allows our partnering financial service providers to determine whether you are able to repay the loan.
Once approved, we determine a suitable repayment period with you, taking your monthly expenses into account. We also look for a cheaper interest rate through one of our partnering financial service providers.
The financial service provider transfers us the refinance amount, which we then pay to you. This means you get instant cash.
You continue making vehicle repayments only to different financial service provider and at a lower monthly rate than what you are currently paying.
Don’t give up your vehicle. Refinance it!
What is refinance?
Vehicle refinance is simply the exchange of one loan for another one that has better payment terms. Autofin Assist agrees to pay you up to the vehicle’s current retail value and allows you to repay it over a longer period of time than your current car loan. If the vehicle is paid up in full, the current retail value minus administration costs is paid out. If the vehicle has money owing on it, then this amount is settled first by Autofin Assist and the remainder minus administration costs is paid out. This means that you not only receive an instant cash injection, but also pay lower monthly installments than what you’re currently paying. That’s a win win!
Refinance operates in the same way as standard vehicle finance. We apply for a loan on your behalf, which is granted depending on a number of criteria, such as creditworthiness and income. You repay the loan over an agreed upon term and at an agreed interest rate. You pay monthly installments until the principle loan is paid up. Because refinance is a form of vehicle finance, you can only apply with a good credit score.
What if I’ve already repaid most of the vehicle loan?
When you refinance your vehicle, you can choose to refinance only the outstanding amount on your car loan, or the current retail value of the car. If you choose to refinance the current retail value of the car, you are, in effect, liquidating the money you’ve already invested in your vehicle without selling it. Such an instant cash injection may come in handy in an emergency.
Refinancing is not only beneficial for people who have a lot of debt still owing on their car, but also for people who have paid up their vehicles and need some cash quickly. You do not have to make extra debt with micro loans for cash and pay more debts, just carry on paying your existing car and get cash out. Here’s why.
Benefit 1: Lower your interest rate
Benefit 2: Pay less each month
Benefit 3: Get instant cash without selling the vehicle
Benefit 4: Pay less than with other lines of credit