Vehicle-Finance Solutions

The process of financing a vehicle involves applying for a loan at one of the approved financial-services providers (FSPs) in South Africa, such as WesBank, Standard Bank, MFC (a division of Nedbank), and Absa. We deal with all these major FSPs in the country to assist you in securing a loan and a good deal when you want to buy a new car. Cars are expensive in South Africa, so it is very common for buyers to seek a loan to acquire the car that they want to buy.

The norm is to go to a dealership that sells the car that you are interested in. Once the finer details of the deal have been decided and the final price is calculated, the dealership needs an FSP to secure the money for the purchase. This is where things can get tricky and loans can get disapproved. Our solution turns this situation around by securing a vehicle-finance deal for you beforehand. Therefore, you know in which price range you can shop according to the amount that you have been approved for.

Getting Approved for Vehicle Finance

Major FSPs around the globe have certain lending models and use specific criteria in terms of approving loans. It is a huge industry with many service providers, so it pays to shop around and not just accept the first deal offered to you. That is why we apply on your behalf at the four major FSPs and not just one. We can assist in securing the best possible vehicle-finance options out of the offer we receive from them.

When applying for vehicle finance through us, we use the information you provide to find the most appropriate and affordable option for you. Since you are buying on credit, your current credit score will determine whether you will be approved for such a loan. Therefore, we will not be able to assist people who have been blacklisted. Your credit score plays an important role in securing any form of credit from an FSP. As a result, it is pivotal to ensure that your credit score is sound.

We also offer vehicle-refinancing solutions. This process settles your current car loan and creates a new loan to pay off the outstanding settlement amount. This loan is typically paid off over a longer period, which leads to a reduction in the monthly payments and, therefore, welcome cash-flow relief. Just keep in mind that this process extends the period over which you pay off your car. This could be an ideal solution to avoid missing payments and getting your car repossessed, thereby jeopardising your credit score. In conclusion, when you want to buy a new car or simply restructure your current loan by refinancing, we can be of service to you.

BIB Finance is your first choice when you want to secure a loan for purchasing a new car. Our vehicle-finance solutions can provide you with the best possible options from the leading FSPs to ensure that you can make an informed decision and avoid any disappointment. For more on how we can assist you, please peruse our website for details on our solutions.