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We Can Assist in Refinancing Your Vehicle Loan

Refinancing a car is a similar process to when you applied for the original loan to buy your vehicle. BIB Finance can assist.

We Can Assist in Refinancing Your Vehicle Loan

When you buy a new car, you must secure finance with one of the financial-services providers (FSPs) in South Africa if you don’t have the cash to buy the vehicle outright. The FSP will pay the dealership for the car in full, resulting in you repaying the loan over a set period to the FSP. But sometimes, life happens and you find yourself with a reduced monthly income. This could lead to missing monthly payments on your vehicle loan. Therefore, the FSP has the option to repossess your vehicle after a couple of missed payments. Luckily, we have a solution: refinancing.

Our solutions begin with securing a loan at favourable rates from one of the FSPs in South Africa. The ones we deal with are Absa, WesBank, Standard Bank, and MFC. However, we can also assist in refinancing your car loan. Both solutions can work to your benefit. For initial purchases, securing a loan beforehand is a smart move. For dealing with loan repayment, extending the loan through refinancing can assist you by lowering the monthly instalment to a more affordable number in times of crisis.

Getting the Necessary Financial Assistance

Buying a new car is very exciting and stressful at the same time. The exciting part is going to the dealership and picking out the make and model that you want. The stressful part is paying for the vehicle. Our solutions take care of the stressful part before the exciting part commences. It also gives you a smarter way to go about shopping for the perfect vehicle. By shopping in the price bracket that you can afford, you can narrow your options down to vehicles that you can actually afford.

Refinancing a car is a similar process to when you applied for the original loan to buy your vehicle. An FSP can repossess your vehicle if you cannot make the monthly payments and, by refinancing the outstanding amount, you can extend the period over which you pay the loan to reduce the monthly instalments. Although this means that you will essentially pay more in total in the end and for longer, you avoid your vehicle being repossessed and you improve your monthly cash flow. Therefore, this is a smart play when something happens that may cause you to miss payments.

If you own a premium car that you bought for leisure purposes, refinancing the loan instead of selling the car gives you the option to keep it. The extended loan period will reduce the strain that such a vehicle can have on your monthly budget. Therefore, you get to keep your dream vehicle as opposed to selling it off or – worse – having it repossessed. Getting smart about your vehicle loan will always work to your benefit in the long run.

BIB Finance is your solution when you want to buy a car, bike, or caravan. Our solutions will ensure that you can buy smart and manage your loan better over time. Unfortunately, we cannot assist anyone who is currently blacklisted. However, if you want more information on financing and refinancing options, please peruse our website for details.