Debt consolidation loans to simplify your finances
Debt consolidation is a strategic process designed to streamline your financial obligations by combining multiple debts owed to various credit providers into manageable monthly payments with a reduced interest rate. By consolidating your debts, you can eliminate the need to juggle multiple payments and instead focus on a singular, more affordable instalment.
Apply for a debt consolidation loan
Complete our easy online application form to get the application process started.
Our consultants will contact you to discuss your application and gather additional information.
We will finalise and process your application and contact you with the outcome.
AutoFin Assist is committed to supporting our clients with debt consolidation loans and successfully guiding them through its complexities. Our goal is to help restore your financial stability. With our expertise, your debt repayments will be consolidated and minimised to help you regain control of your finances while still fulfilling debt agreements.
Take the stress out of your debt
Debt consolidation loans simplify your monthly payments. Instead of managing multiple bills and due dates, you can focus on making a single payment towards your consolidation loan. This streamlined process makes it easier to keep track of your financial obligations and reduces the chance of missed or late payments, which would negatively impact your credit score.
Potential for lower interest rates
These loans often come with lower interest rates compared to the individual rates on your existing debts. Consolidating high-interest debts into a single loan can save money on interest payments over time. These savings can then be used to pay off your debt more quickly or redirected towards other financial goals or needs.
Improved credit score over time
Timely and consistent payments on a debt consolidation loan can positively impact your credit score. As you pay off your consolidated debt, your credit utilisation ratio may decrease, which can lead to an improved credit score. Additionally, regular payments will demonstrate responsible credit management, further enhancing your creditworthiness.
Reduced financial stress
Managing multiple debts can be overwhelming and stressful. Our debt consolidation loans aim to alleviate this stress by combining your debt into a single payment. With a clear path towards debt repayment and the knowledge that you’re working towards financial stability, you will come to experience reduced financial stress.
How debt consolidation loans work
Obtaining a Loan
AutoFin Assist is a reputable financial services provider that facilitates debt consolidation loans to help individuals regain control of their finances. Our team will work closely with you to understand your unique financial situation and tailor a solution that best suits your needs. We offer a straightforward application process with a dedicated expert to guide you every step of the way.
Paying Off Existing Debts
Once you receive the funds, the money needs to be used to pay off all existing debts. This may include credit card balances, personal loans, or other outstanding debts. This is what lets you combine your existing obligations into one loan.
Making Monthly Payments
After consolidating your debts, it is essential to make consistent and timely monthly payments on your new loan. Ensure that you create a realistic budget and avoid accumulating new debt while repaying the consolidation loan.
With AutoFin Assist, you can have peace of mind knowing that you are working with a trustworthy partner to consolidate your debts and pave the way towards a more stable financial future.
You must be credit worthy.
You must own a fixed or moveable asset (a property, a house or a motor vehicle).
You must be employed or self-employed (you must earn an income and need to prove it).
You must have bank statements (where your salary gets paid into).
You must not be over the age of 75 years.
You must have a valid driver’s license (if your outstanding debt includes an existing vehicle finance agreement).
Successfully managing debt consolidation loans
Effectively managing your new loan can be a game-changer in your journey towards financial freedom. Develop a realistic budget that accounts for your income and expenses, allowing you to allocate funds towards your expected debt repayment. Focus on prioritising your single debt repayment. It is crucial to avoid taking on new debt during this process, as it may derail your progress and trap you in an unrelenting cycle of borrowing.
Frequently asked questions
Did you know your bank might not offer you the best financing options? Our expertise and dedication to client satisfaction make us ideal for managing your vehicle financing needs. Here’s why you should finance your vehicle through Autofin Assist:
How soon will I know if I qualify?
You can speak to one of our consultants within one business hour of sending us a call-back request, or you can phone us anytime within business hours. Our consultants will guide you through the process, explain how the free assessment process works and be able to confirm whether you would qualify for a cash loan.
Who do I pay?
You will never pay us directly. Instead, you will pay your monthly payments to the bank that has approved your application.
How much will my monthly repayments reduce?
The extent to which we can reduce your monthly repayment amounts depends on the type of loan you have, how strong your credit score is, and how over-exposed you are with your credit. On unsecured loans, it is possible to reduce debt repayments drastically.
How do I calculate my debt?
To calculate the value of your total debt, here is an example to follow:
|TOTAL DEBTS||REPAYMENTS PER MONTH|
|Debtor 1* Total R12 000.00||R900.00 per month|
|Debtor 2* Total R10 000.00||R1000.00 per month|
|Debtor 3* Total R22 000.00||R1100.00 per month|
|Debtor 4* Total R50 000.00||R2500.00 per month|
|Total R94 000.00||Total R5 500.00 per month|
Therefore, a total of R94 000.00 is required to consolidate the above example of debt. The repayment on the R94 000.00, depending on the rate, will be +- R1 900.00 per month – a reduction of R3 600.00 per month on debt repayments, based on the above example.
Will debt consolidation hurt my credit score?
When you apply for a debt consolidation loan, we inquire into your credit history. This may initially lower your credit score by a few points, but this effect is typically temporary and should not drastically affect your overall credit rating. Once you have obtained the loan and start using it to pay off your other debts, your credit utilisation ratio will decrease. This should positively impact your credit score, as lower credit utilisation is generally better for your score.
Take control of your financial situation and work towards being debt-free with debt consolidation loans.