Private Vehicle Refinancing
How to refinance your car with AutoFin Assist
How it works
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.
What are my options when I can’t afford my car instalments?
Should you find that you can no longer afford your vehicle and are not in arrears with the payment thereof, you may choose to make use of Section 127 of the National Credit Act and voluntarily surrender your vehicle. To arrange this, you must give a written notice to your credit provider stating that you wish to terminate the credit agreement and that you require them to repossess the vehicle. The credit provider is required to supply you with a letter within 10 days, indicating the estimated sale value of the vehicle. Here, you will have the opportunity to dispute the value if you are not satisfied with it, withdraw the notice and resume possession of your vehicle – if you are not behind on your instalments.
The negatives: In the case of a voluntary surrender, the bank is obliged by the Act to sell the vehicle as soon as possible and for the best price reasonably obtainable. It is important to realise that when the vehicle is sold at an auction, you are still liable to pay the shortfall if the vehicle is sold for less than the outstanding balance – which means you could end up owing money on a vehicle you don’t have anymore.
Should your credit provider want to litigate and get a court order for the repossession of the vehicle, a summons must first be served to you. A court date will be set, where you can present your case. Here, you can negotiate with the service provider for an adjusted payment plan, such as a reduced monthly premium over a longer period.
The negatives: Should an alternative repayment plan not be agreed upon, the vehicle may be awarded to the creditor to sell at any cost they deem reasonable to cover their expenses – and you may still end up paying the shortfall if it is sold for less than your outstanding debt.
We pay out the cash value of your commercial vehicle
If you require immediate access to funds, AutoFin Assist is here to help. We can provide your business with the full retail value of your commercial vehicle in cash, allowing you to repay it as though it were a traditional commercial vehicle loan. This grants access to the capital invested in your commercial vehicle without the need to sell it.
Refinancing is the most practical viable option to consider if you are falling behind on your car payments. This solution allows you to secure a new loan with more favourable terms, such as a lower interest rate or an extended repayment period, to reduce your monthly cashflows, making it more manageable to meet your financial obligations. In addition to alleviating the burden of high monthly payments, refinancing also grants you immediate access to the equity you have accumulated in your vehicle. This unlocked capital can be used for unforeseen expenses, further improving your financial stability. Most importantly, you retain ownership of your vehicle!
Refinancing your car can…
Optimise your interest rates.
Exploring car refinancing can shed light on potentially lower interest rates, leading to substantial savings over the life of your loan. We help our clients find more competitive rates to reduce their monthly payments, improve their cash flow, and enhance their overall financial well-being.
Reduce your repayment amount.
Refinancing your car can effectively reduce your repayment amount, providing much-needed relief for those struggling with high monthly payments. We strive to broker more beneficial terms to decrease this monthly financial obligation.
Give you access to instant cash.
Your car is a valuable source of funds in times of need! When you refinance your vehicle, you can tap into the equity you have built up over time, essentially borrowing against the value of your car. This immediate influx of capital can be used to cover other important or unexpected expenses.
AutoFin Assist can refinance your car
When applying for vehicle refinancing, we will request all the necessary information from you pertaining to your current situation with the bank to understand your current arrears and the amount outstanding on the motor vehicle. Our team will then coordinate a suitable refinancing plan to help you settle the outstanding amount to ensure you retain ownership of your motor vehicle.
After one of our team members has completed your unique assessment, they will contact you with an application to start the process.
In addition to the completed application form, we typically require the following supporting documents:
Clear scan copy of your ID (Identity Document)
Clear scan copy of valid Driver’s licence
Clear scan copy of proof of residence (not older than 3 months)
Clear scan copies of 3 months’ up to date payslips
Clear scan copies of 3 months’ up to date bank statements (stamped)
Up to date motor vehicle settlement letter from the bank
Copy of the vehicle registration documents (ownership papers) from the bank
Your ITC report from Trans Union
Our refinancing allows you to settle outstanding arrears due to the bank so that you retain ownership of your vehicle. We will correspond with the bank on your behalf in order for them to know that we are assisting you with the settlement to ensure you do not have your car repossessed. We manage our refinancing offering on a client-to-client basis and ensure we do everything in our power to achieve the outcome you desire.