Need to refinance your Heavy Commercial vehicle?
Commercial vehicle/truck repayments getting you down? Relax we can help.
Am I a candidate?
It’s no wonder with interest rates rising and the value of your income dropping, there’s a mountain of debt to climb. Don’t despair! Autofin Assist can help you get cash out of your commercial asset/truck whether it’s financed or paid-up.
If you’re looking to save money each month, we can help. By extending the repayment period on your commercial vehicle loan, we can lower your monthly installments. What’s more, we can also try to find you a cheaper interest rate on your commercial vehicle, which not only lowers your repayments but also the overall cost of the commercial vehicle.
If you need money fast and don’t have time to save, we can help you get cash out of your commercial vehicle instantly. By giving you the value of your commercial vehicle in cash and allowing you to repay it as you would with a commercial vehicle loan, we give you access to the cash tied up in the commercial vehicle without you having to get rid of it. That’s a win win!
What is refinance?
Refinance is simply the act of replacing an existing loan with another loan that has better payment terms in order to save you money. Autofin Assist’s refinance can help you get money out of your commercial vehicle in three ways.
By extending the period over which you repay your commercial vehicle, we can lower the amount you pay each month on your commercial vehicle loan instalments. Paying a loan of R500,000 over 36 months at an interest rate of 12% will cost about R17,271 each month. Paying the same loan over 60 months is about R10,116 per month, which is a saving of R7,155 each month. If you are struggling to make your monthly instalments or need extra income each month, extending the payment period can help you.
Various financial service providers offer different borrowers differ interest rates. By refinancing your vehicle, we may be able to get you a lower interest rate. Paying a loan of R500,000 over 36 months at an interest rate of 15% will cost about R18,025 each month. Paying the same loan at an interest rate of 12% is about R17,271 per month, which is a saving of R754 per month. This works out to a saving of more than R27,144 over the payment term and only if the interest rate stays the same.
If you are looking for cash instantly, we can assist. We can give the full retail value of your commercial vehicle to you in cash and allow you to repay it as you would a commercial vehicle loan. This gives you access to the cash tied up in the commercial vehicle without having to sell it. That’s a win win.
How does 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 commercial vehicle loan.
You complete the online application form that allows us to determine if you are able to repay the commercial vehicle loan.
We determine a suitable payment period with you, taking your monthly expenses into account. At the same time, we look for a cheaper interest rate with one of our financial partners.
We cover your existing vehicle loan amount up to the commercial vehicle’s retail value.
You continue making commercial vehicle repayments to the financial institutions and at a lower monthly amount than you were previously paying.
Don’t give up your commercial vehicle. Refinance it!
Do I qualify for refinance?
In order to qualify for commercial vehicle refinance, you need to qualify for finance. This means that your credit record and your company is clear of any judgments, you are a South African citizen, and that you company’s earnings is enough per month to cover your expenses and the repayments. If you are refinancing an existing commercial vehicle loan, you have probably already met these requirements. What’s 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 has better repayment terms.
Advantages of refinance
Even if you are able to repay your commercial vehicle loan under its current terms, refinancing may be able to save you money. Here’s how.
By refinancing your commercial vehicle, you can extend the payment period of your commercial vehicle loan. This allows you to reduce your monthly instalments. This means that if you decide to purchase a house, for example, and your monthly expenses increase as a result, you can reduce the amount you pay on your commercial vehicle loan to cover the shortfall.
If you qualify for refinancing, we may be able to find you a cheaper interest rate. This means that by the time you have repaid the commercial vehicle loan, you will have paid less interest on the commercial vehicle than if you repaid it over the same term with your current financial service provider without making any additional payments.
If your commercial vehicle is paid-up, even partially, you can access the amount you’ve 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 commercial vehicle to cover the hospital bills without having to sell your commercial vehicle. It can also be a situation wereby you need cash flow in your business, so get your hand instantly on the cash by refinancing your commercial vehicle.
The repayment terms of a refinancing loan, such as the payment period and interest rate, are often better than those of a credit card. This means that if you decide to go on your dream holiday, you can get instant access to the cash you’ve invested in your commercial vehicle and repay it over a longer period and at lower interest than your credit card.