Found your dream car.
Am I a candidate?
You’ve found your dream car, but it doesn’t come at your dream price, right? You could sell vitamins from door to door to earn extra cash, or you can marry an incredibly wealthy nonagenarian. Don’t despair! It doesn’t have to come to that. Autofin Assist can help you get the best finance for your vehicle at the lowest interest rate.
Vehicle finance comes with certain conditions, such as an age limit on the vehicle, a deposit, or balloon payment. Autofin Assist partners with all the major financial service providers in South Africa, which means that we can find you a deal with conditions that suits your needs.
What is vehicle finance?
Vehicle financing is the quickest way to purchase a new vehicle. Instead of saving up for the money to buy a car, you can borrow the money from a financial service provider. You then pay back the service provider in the form of monthly installments over a number of years with interest. Different financial service providers will lend varying amounts of money over different terms and at different interest rates, which is why it is important to compare financiers when buying a new car.
At Autofin Assist we do the legwork for you. We have partnered with all the major vehicle financiers in South Africa so that we can find the deal that meets your needs. Whether it’s a lower interest rate, a longer payment period, a larger sum borrowed, we can find the financier to suit you.
How does vehicle finance work?
Vehicle finance functions like any other loan. A financial service provider agrees to lend you money while you agree to pay it back over a certain period of time with interest. The amount for which you qualify depends on your credit score, monthly income and monthly expenses. This means that even if you earn a high salary, you may not qualify for a large loan because your monthly expenses leave little remaining income to pay back a large loan or because the financier is not confident that you can pay back the loan based on your credit score.
This option allows you to borrow money in order to purchase a vehicle and then repay it over a two- to six-year period in monthly installments. The duration of the loan determines how much you pay each month. A two-year loan has larger monthly installments than a six-year loan.
The financier owns the vehicle until you have paid back the original loan with interest. At that time, the financier transfers ownership of the vehicle to you. You may settle the outstanding amount before the end of the term, but this incurs penalties.
Like the first option, this option allows you to borrow money for a vehicle and repay it over a two- to six-year period in monthly installments. With this option, however, you can pay a large sum upfront (or deposit) on the vehicle, to reduce the amount you pay in monthly installments. Alternatively, you can pay a large sum at the end of the term(or balloon payment) to reduce the amount you pay in monthly installments. The balloon payment option allows you to reduce your monthly installments while saving for the large sum at the end of the term.
All vehicle finance is paid back with interest. How much interest you pay depends on the deal that we make with you. You can either pay back the loan at a fixed interest rate, which means that the amount you repay does not change over the payment period, or you can pay back the loan at an interest rate that is linked to prime, for example, prime plus two percent. This means that if the interest rate changes, the amount you pay in monthly installments will change as well. At Autofin Assist, we can find you a competitive interest rate through one of our partners.
Still unsure? Contact us for more information on how vehicle finance works.
Do I qualify for vehicle finance?
To qualify for vehicle finance you need to be earning a monthly salary. You will need to prove that you are earning a salary by means of payslips or bank statements. These help us to determine if you are able to repay a car loan. We can help you determine how much vehicle finance you qualify for given your monthly expenses and your current income.
You will also need a healthy credit score to qualify for vehicle finance, which you can check over here. Your credit score lets us know how good you are at paying back debt. It is affected by how timeous you are at paying back your loans, how regularly you pay your installments, how much debt you have and if you’ve ever been blacklisted or have judgments against your name, among other details.
If you do not qualify for vehicle finance because of your credit score, don’t despair! You can still own your dream car. We, at Autofin Assist, can help you by renting you your vehicle before you take ownership. Instead of paying monthly installments, you pay a lease and then take ownership of the vehicle at the end of the lease period. It’s that simple. Find our more about rent-to-own over here.
We have partnered with a wide range of financial service providers in South Africa, which means that instead of offering you only one option for interest rates and payment terms, we can compare various providers options and find the best one for you. We can help by trying to find you a lower interest rate, longer payment term and larger sum so that you can get the car of your dreams.
Vehicle finance is our expertise. Instead of trying to negotiate a better deal with financial service providers yourself, let us do it for you. We know how to save money when it comes to vehicle finance.
We not only assist our clients with their vehicle finance application, but we also have access to a wide range of repossessed vehicles at lower costs than what you’ll find through dealers or online. This means that we can help you find the vehicle of your dreams for cheaper.
Unlike your bank, we won’t give up on you if you don’t qualify for vehicle finance. We can help you own a car by means of a rent-to-own agreement. This means that you can still own the car you’ve chosen by renting it first. Find out more about rent-to-own over here.