BIB Finance

Confidential, Secure Financing
BIB Finance

Want to Refinance Your Car

Want to Refinance Your Car? Here is What You Should Know Before You Do

If you acquired finance to buy your current car and think that you are now stuck with it until the loan is paid off in full, think again, because you are not.

2018-03-19

That is not how vehicle finance loans work and we are happy to share this news with the thousands of people who did not already know it. It is a fact that you can save money by taking out a better loan with the same or a new loans provider. This is called vehicle refinancing. Do you want to refinance your car, but do not know if you can or if it is worth it? Understanding the process a little better will help you to make the decision that is right for you. It is not always a good idea to refinance, but in most instances, car buyers find that it is.

While you can refinance your car soon after purchasing it, it is sometimes best to give it some time before you do so. Car refinancing offers the most benefits when applied for approximately one year or more into the contract. The main purpose of car refinance is to ensure that you end up with a better deal when refinancing your car, not a worse one, else it defeats the purpose of doing it. A brand-new loan can offer better repayment terms, a lower interest rate, and hence more affordable monthly instalments.

Do you want to refinance your car? Here is what you will need:

  • All your vehicle’s information to provide to the new financial services provider.
  • Documentation that proves your ability to repay a loan (bank statements, latest payslips, credit check).

So, if you want to refinance your car right now, we understand. The evidence of it being a sound financial move is clear to see but take the time to think about how it will affect your personally. You might not want to extend your repayment period, especially if you do not have too many repayments left. That is why it is imperative that you seek out the guidance and advice of a professional team such as ours at BIB Finance. We will ensure that your refinancing deal is in fact the best thing you can do right now and not just a new way to get you tied into unwanted debt.

Refinancing your car is a great idea in several situations, such as:

  • It might come with a lower interest rate.
  • Your credit rating has improved since you obtained your previous vehicle finance.
  • If you do not mind extending the repayment period in exchange for lower instalments.

What you need to provide your refinancing team with:

  • The details of your existing loan. You will find all these details on the latest statement from your current loan provider.
  • Your vehicle’s details, including the VIN, make, model and similar.
  • Proof of income.

At BIB Finance, we specialise in vehicle refinancing, which means that we can negotiate the best possible refinance deal for you. Those who choose to do the legwork themselves often get frustrated with the process or feel defeated after just one poor loan offer or rejection. That is where our team’s assistance can be highly beneficial. Our team members are friendly, approachable, and professional at all times. Most importantly, we treat each loan application with the utmost discretion.

We work quickly without compromising on our excellent level of service and if you have any questions regarding refinancing or your existing loan, we will go above and beyond to ensure that you are professionally advised. We always ensure that our clients are aware of what is involved in the refinancing process. If you want to refinance your car quickly and by using an easy and transparent process, you have come to just the right place. We deal with all the top financial institutions and major banks in South Africa, such as Absa, Standard Bank, MFC (Nedbank), and WesBank.

If you would like to learn more about refinancing your car, we welcome you to get in touch with us at BIB Finance. Simply apply for a refinance loan online (we will get in touch with you), give us a call, or drop us an email at any time.


Apply for Car Refinance.