BIB Finance

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BIB Finance

Car Finance

Car Finance Deals Made Simple – What You Need to Know About Car Finance

When it is time to buy a new car, the process can be overwhelming. Finding a car that suits your preferences, needs, and budget might seem like a tall order, but it does not have to be.

2017-06-27

If you are tired of being tied down to buying overpriced cars from dealerships just to get the car finance that you need, then we are about to make things a great deal simpler and less frustrating for you. At BIB Finance, we can get you comparative quotes from South Africa’s leading banks for the purchase of cars from dealerships as well as private sellers. Yes, we can help you to buy the car that you really want instead of settling for second best. 

Unlike fly-by-night lenders, we ensure that the finance application process is carried out in strict accordance with the National Credit Act. Not only does this mean that you can get a loan for the amount you can realistically afford to repay; it also means that you are assured of the best possible interest rate. That is important when shopping around for car finance. Although the monthly instalment amount is important, and is often the deciding factor for applicants, do not be misled into thinking that a low monthly instalment means a cheaper loan. The loan period (how many months you have to repay the loan) and the total interest amount are also important factors. It is also important to determine whether the interest you are being offered is fixed for the loan period or if it will fluctuate according to the prime lending rate. These are details that you need to be absolutely sure of before you sign any loan agreement. 

We have many years of experience in the field. We have the resources to ensure that our clients have access to the best car finance deals available to them. What are the factors that will determine whether you can get a loan approved, how much you can borrow, how long you have to pay it off and what the attached interest rate will be? If you are a first-time borrower, you might not know exactly how it all works. Below are a few pointers and tips on what affects your loan-worthiness. 

Your Credit Rating

Record of the way in which you have handled your previous accounts is available to lenders to access on national credit bureaux. If you have consistently paid late or an insufficient amount, there is a record of it. Unpaid accounts and accounts in arrears are also listed. The more you transgress, the weaker your credit rating will be. In fact, a score is attached to your profile and ID number and if you fall below a certain score, your chances of acquiring a bank loan can be far lower than someone who pays their bills in full and on time. If you are blacklisted or under debt review, the process of acquiring financial aid can be even trickier.

Affordability Assessments

If you have a good credit record, it does not automatically mean that you will receive the loan that you have applied for. It must first be determined if you can afford the loan amount. This is why bank statements and payslips are requested when you apply for credit. Once your income amount is confirmed, your expenses will need to be detailed too. This includes all the accounts and bills that you pay each month. The remainder of the money that you have left will determine if a loan is affordable to you or not. An affordability assessment will also determine how much you will be allowed to borrow. 

Apply for Car Finance from BIB Finance and Get the Car You Want

If you want to save time and frustration, take the time to apply for car finance with BIB Finance. We work with all major banks, including ABSA, WesBank, MFC (a division of Nedbank), and Standard Bank. We negotiate the best possible finance deal and will present you with your options promptly. Why spend days waiting to hear from a number of financial institutions when we can handle all of the legwork for you?

You can apply for a loan with us online or you can contact us via email or telephone for more information and advice on our car finance deals today. 


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