BIB Finance

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BIB Finance

Refinance Your Vehicle

Refinance Your Vehicle with the Help of BIB Finance

Feeling the pinch at the end of the month? Unfortunately, as prices rise, salaries do not necessarily follow suit, so it is important to budget carefully and take advantage of any money-saving opportunities.

2017-10-09

One way in which to cut back on your monthly expenditure is to refinance your vehicle. And many people do. If you have been looking into vehicle refinancing options, you have come to the right place. With the help of BIB Finance, you only need to apply to refinance your vehicle once, and we will bring all the quotations from leading banks, to you. We do the footwork, you enjoy the benefits!

How Does Vehicle Refinancing Work?

It is important to realise that, when you refinance your vehicle, you are applying for a new loan. This means that your credit record needs to be good. Being blacklisted or under debt review will prevent you from securing a new loan. The new loan that you apply for will be to cover the outstanding balance of your existing vehicle loan. With our help, you will receive a well-negotiated loan with a lower interest rate and longer repayment term, which immediately means lower monthly instalments. And that is how you save.

Should You Refinance Your Vehicle?

Vehicle refinancing is a great option for a number of people. If you would like to reduce your monthly expenses while still being able to drive the same car you trust and love, then vehicle refinancing is for you. If you find that your monthly expenses are just too much to handle and you do not want to sell your car or start missing payments, then vehicle refinancing is ideal.

Banks that We Work With

When looking for the lowest interest rates and best refinancing loan deals, it is best to do business with leading financial institutions and banks. Opting to deal with short-term loan sharks will only find yourself in deeper debt with unnecessarily high interest rates. At BIB Finance, we have long-standing relationships with the most reputable banks and financial institutions in the country. We work with Absa, MFC (a division of Nedbank), Standard Bank, and WesBank. With our assistance, you can get a competitive deal that is structured to suit your lifestyle .

What Are the Requirements to Refinance Your Vehicle?

A common question people ask is whether or not they will qualify for vehicle refinancing with us. While we cannot guarantee that you will qualify with each of the banks, we can provide you with a list of requirements that we will need in order for you to be approved for a loan. Below are a few guidelines:

  • You must currently be able to afford monthly instalments.
  • You must have a good credit score.
  • You must undergo an affordability assessment that accurately demonstrates your ratio of total debt to income and shows clearly how much free cash you have each month to use for a new loan.

Of course, we will also need all the regular supporting documentation that proves affordability. These include your ID, bank statements, and recent payslips.

BIB Finance Makes Refinancing Your Vehicle Easy

When it comes to applying for a loan, there is usually a fair amount of paperwork, telephone calls, and waiting involved. At BIB Finance, we endeavour to make the process as quick and simple as possible for all of our clients. We know that you do not have time to phone every bank, complete piles or paperwork, and then spend weeks waiting. We do all of this for you. We have a quick and easy application process that can be completed online. While you are applying online, you will also be advised of the terms of the National Credit Act and what your consumer rights are. Once you have applied, one of our consultants will be in touch to finalise your application. That is all you have to do – we will do the rest.

If you would like to find out more about how to refinance your vehicle, or would like to learn more about your options, we welcome you to get in touch with us at BIB Finance. Simply send us an email or give us a call and one of our friendly and knowledgeable finance consultants will assist you further.


Apply for Refinance.