BIB Finance

Confidential, Secure Financing
BIB Finance

Refinancing Your Car

Choose BIB Finance today for all your vehicle-loan solutions. We can also assist if you want to refinance your car to give you some breathing room on our monthly budget. 

2019-09-25

Refinance Your Car with Us

 

In South Africa, car prices are very high in comparison with people’s average incomes. Since inadequate public transportation forces many people to buy personal vehicles, the monthly instalments can be a large sum of money to put towards a basic means of transportation. Although vehicle-financing options are available to assist you to pay it off, you may have to refinance your car to reduce that monthly payment and extend it over a longer time to make it more affordable – especially when times are tough. As a result, you will have more money to cover other expenses.

 

Vehicles are machines that are dependent on their constituent parts to run. These parts can fail and cost money to repair or replace. Accidents also happen, with insurance companies paying the bulk – but you have to foot the bill for the excess. You also have to make arrangements that may cost yet more money to get around without your car in the meantime. The damaged one might not be fully paid off yet, so you end up paying for transport twice while your car is in the shop. However, you can refinance your car and in so doing extend the period over which you repay the loan, reducing the amount paid each month.

 

Our Refinance Solutions

 

Buying a vehicle in South Africa is a process that normally involves the assistance of a major financial-services provider (FSP). To put it in perspective, the basic cost of a small daily driver can range from R70 000 for a second-hand hatchback to R200 000 for a brand-new, entry-level city car. With an average working-class salary, most people have to finance and cannot buy cash. Therefore, a loan is secured from an FSP to cover the amount, at which point you are responsible to repay the loan to the FSP per month over a set period. We secure your loan beforehand, giving you the freedom to shop within your affordable price bracket. However, if life happens, you can also approach us to refinance your car.

 

The process to refinance your car extends the loan period in which you are required to pay off your vehicle. By extending the period, the monthly instalments are lower, giving you more money to use for other monthly expenses. You never know when life will throw you a curveball. Therefore, by knowing that we can assist you, you can have the peace of mind that there is a financial solution when such a problem occurs. This can also apply to finance leisure vehicles, which are usually more expensive than normal cars. The insurance on an expensive vehicle also is higher due to its higher value, higher risk levels, and more expensive parts. These amounts add up and can become overwhelming, especially when interest rates suddenly increase. Instead of selling your vehicle, our solutions can ensure that you can more easily afford the monthly payments instead.

 

We work with the major FSPs in South Africa; namely Absa, MFC, WesBank, and Standard Bank. We aim to ease the stress of securing a loan for your vehicle when sitting at the dealership with a consultant. We can assist you in securing a loan before you go shopping, based on your current income and financial position, so you know in which price range you can shop for your vehicle, thereby removing the possible disappointment of not being approved. This gives you the freedom to enjoy your shopping experience, as opposed to constantly doing the maths on the showroom floor to determine if you can afford a specific model. To supplement this service, you can refinance your car with us if you need to reduce the monthly payments for whatever reason.

 

Vehicle finance is a daunting process and you may encounter speed bumps along the way. We can make this process as simple and easy as possible. By securing a loan beforehand, you can simply enjoy the experience of shopping for your ideal vehicle, knowing you can afford it. This also comes in handy with leisure vehicles that may have a limited availability period. Choose BIB Finance today for all your vehicle-loan solutions. We can also assist if you want to refinance your car to give you some breathing room on our monthly budget. Contact us today with any enquiries on how we can provide professional financial solutions for acquiring a new vehicle.