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Refinance Your Vehicle and Save

Budget Getting a Bit Tight? Refinance Your Vehicle and Save

If your monthly expenses are cramping your lifestyle, it is time to cut back. Taking a look at your monthly budget will probably make you aware that your car’s monthly instalment is one of your biggest expenses.

2017-09-21

If you think you cannot cut back on what you pay for your car, you are wrong. If getting a smaller car is not an option, consider refinancing. Vehicle refinance will allow you to keep the car you love while also reducing your monthly repayments. It is a win-win situation.

The car that you drive will have undoubtedly become a trusted asset and if you are scared of getting rid of your current car, we strongly recommend refinancing it instead. At BIB Finance, we have helped many people to refinance their cars so that they can continue to enjoy their quality of life without having to fork out large sums of money each month. If you are unable to tend to your financial problems, you will undoubtedly start to feel the effects of the stress and strain. With the right financing decisions, you can ensure that you are able to lead a healthy and happy life. We aim to assist individuals to reduce their expenses without having to compromise on their quality of life.

What Does Refinancing Entail?

The refinancing process does not have to be complicated. In fact, the BIB Finance team will make it simple for you. Refinance loans work just like regular loans. The first step is to apply. Your budget needs to be analysed and the amount you can afford to pay each month must be determined by means of an affordability assessment. This process will determine the amount that you can borrow, how long you will have to pay it off, and what the monthly instalment will be. It is important to chat to us about what you can realistically afford to pay each month, so that we know what sort of deal to structure for you. We can assist you with an affordability assessment while working with leading financial institutions to ensure that you get the lowest possible interest rate. We believe that you can get a great loan deal by approaching leading banks and, with our experience in the industry, we know just how to go about it. We work with MFC (Nedbank), Absa, WesBank, and Standard Bank.

Factors That Affect Your Loan Application

To refinance your car loan, you must have a sound credit record, as you will be taking out a new loan. A credit check will be carried out to make sure that you are not under debt review or already blacklisted. Unfortunately, a new loan will not be possible if your credit score is poor. Your credit rating will give the lender more detail on how you handle your current loans and accounts and will also determine whether you are able to afford to repay a loan each month.  At BIB Finance, we will look over your existing vehicle loan, so that we have a better understanding of your current financial position. Then, when settling the entire outstanding balance, you will end up having to pay less than what your statement shows per month.

We can explain the details and intricacies of the loan and help you to better understand your options and limitations. Your new loan amount will need to cover the settlement amount. The objective is to apply for a loan amount that can be paid over a longer period, thus reducing the monthly instalment. We will also negotiate a better interest rate for you. If you are wondering if the application process is lengthy, rest assured that it is not. Applying for vehicle refinancing online is quick and easy. Simply use our car refinance loan application option and follow the simple prompts to apply. The supporting documents required will be confirmed by our friendly loan consultants, who will also advise you on what to expect during the process. We encourage you to chat with us about your needs and requirements, so that we can assist you with reducing your monthly expenses. Our consultants are approachable and will treat your application with professionalism. Refinance your vehicle with the help of BIB Finance today.


Apply for Refinance.