BIB Finance

Confidential, Secure Financing
BIB Finance

Vehicle Finance To Ease Your Next Vehicle Purchase

Vehicle finance plays a big role when buying a car. Because high car prices, it can be difficult when it comes to affording one. Here's how we can help.

How We Can Make Your Vehicle Purchase Easier

Vehicle finance plays a pivotal role when buying a car in South Africa. Because of the high prices of cars today, it can be an uphill battle when it comes to affording such an asset. Luckily, we are here to assist you through this process. Since the cheapest new car in South Africa now costs over R130 000, we often need to turn to our major financial-services providers (FSPs) for assistance. When it comes to securing loans for car purchases, Absa, WesBank, MFC, and Standard Bank can assist.

People often go with their current FSP when they are looking to finance their car. Many don’t realise that there could be a better option available to them. Our solutions start with securing the best possible options for you to choose from. As far as vehicle finance in South Africa goes, the amount of such a loan, including the interest rate and monthly instalments, will be calculated according to your current level of income. You are only allowed to spend a certain percentage of your monthly income on paying off a car.

Taking Care of Everything Finance-Related

When choosing our solution, we gather the various vehicle-finance options that are available to you from the previously mentioned major FSPs. These will ensure that you can make an informed decision on what monthly instalment will best suit your budget. Therefore, you can avoid any surprises and hidden costs. Now that your loan is secured, you are free to shop within your affordability bracket. Therefore, you are in an advantageous position where you can make a smart purchase without overspending.

When buying a vehicle, there will be determining factors that will directly influence your final choice. First, you must ask yourself what you will be using the car for. Second, the car must accommodate the number of people you wish to transport. If you want a family car that is ideal for carpooling, you will be looking at a large people carrier as opposed to a sporty hatchback. Since you have already secured the finance, you know exactly how much you can afford for such a purchase. You are free to choose a car that fits your budget.

Life isn’t always predictable. You might have to switch jobs and this might reduce your monthly income within a few months of having purchased your new vehicle. This can lead to an inability to make your monthly payments on your car, which can lead to the FSP repossessing it. However, we offer a solution to such a problem. By refinancing your car loan, you can extend the period over which you pay off the loan to reduce the monthly instalments to a more manageable amount. Therefore, we have you covered when you want to buy a new car.

BIB Finance is your solution to securing a loan when you want to buy a vehicle, bike, or caravan. Forget about the worries and headache of going through this process on your own and choose us instead. For more information on how we can assist you, please contact us today.