Need to restructure car payments? Get vehicle refinance with AutoFin Assist
Thanks to rising interest rates and growing inflation pressures, monthly disposable incomes are under mounting pressure. Meeting existing finance commitments become increasingly difficult for the average South African. If you are looking to alleviate your financial strain, we can help you access cash from your car with vehicle refinance.
Here’s what you can expect:2>
It’s simple: Refinancing with Autofin Assist is easier and cheaper than applying for a loan through your bank or negotiating the terms of your existing vehicle loan. By giving you the value of your vehicle in cash and allowing you to repay it as you would with a vehicle loan, we provide you with access to the money tied up in the vehicle without you having to sell your asset. That’s a win-win!
You complete the online application form that allows us to determine your eligibility.
We settle on a suitable repayment agreement with you, considering your monthly expenses.
We cover your existing vehicle loan amount up to the vehicle’s retail value.
You continue making vehicle repayments to our financial partners at a lower monthly amount.
By restructuring your agreement, such as extending the repayment period on your vehicle loan, we can lower your monthly instalments to place more disposable income in your hands each month. We can also strive to find you a more affordable interest rate, which lowers your repayments and the overall cost of the vehicle.
What is vehicle refinance?
If you need money fast, we can help you instantly get cash out of your vehicle. Refinancing a vehicle involves obtaining a new loan to replace your current financial arrangement, usually resulting in lower monthly payments than the original payment plan.
Here’s how refinancing with Autofin Assist can help you get money out of your vehicle:
Extending the payment period
By extending the period over which you repay your vehicle, we can lower the amount you pay each month on your loan instalments. For example, paying a loan of R100,000 over 36 months at an interest rate of 12% will cost about R3,359 each month. We could help negotiate the same loan over 72 months for approximately R1,977 per month, adding additional disposable income of R1,382 each month.
Lowering the interest rate
Various financial service providers offer different interest rates. By refinancing your vehicle, we may be able to get you a lower interest rate. Paying a loan of R100,000 over 36 months at an interest rate of 12% will cost about R3,359 each month. However, paying the same loan at an interest rate of 9% is about R3,216 per month, which is a saving of R143 per month! This works out to a saving of more than R5,000 over the payment term.
Paying the cash value of your vehicle
We can provide you with the full retail value of your vehicle in cash, enabling you to repay the amount just like you would with a traditional loan. This innovative financing solution empowers you to leverage your vehicle’s value to address immediate financial needs or invest in new opportunities while retaining the benefits of ownership.
The advantages of refinancing your vehicle
By refinancing your vehicle, you can extend the payment period of your vehicle loan, allowing 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 vehicle loan to cover the shortfall.
If you qualify for refinancing, we may be able to find you a cheaper interest rate! Once you have repaid the vehicle refinancing loan, you will have paid less interest on the vehicle than if you repaid it over the same term with your original financial service provider.
If your vehicle is paid up, even partially, you can access the amount you have repaid in cash by refinancing it. This means that if you have a medical emergency not covered by your medical aid, for example, you can refinance your vehicle to cover the hospital bills without having to sell your 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 have invested in your vehicle and repay it over a longer period and at a lower interest than your credit card.