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BIB Finance

We Can Help You Refinance Your Car

BIB Finance offers a sensible approach to vehicle loans and refinancing a car with the major FSPs in South Africa. 

2019-10-22

Need Help with Refinancing A Car?

 

Many South Africans buy private vehicles for daily transport as opposed to using public transport. Unfortunately, vehicles are very expensive, which means that the purchase of our daily drivers is usually only possible through financial aid from a major financial-services provider (FSP). These include Absa, MFC, Standard Bank, and WesBank. Since such a purchase can have a major impact on your monthly income, refinancing a car has become a popular option to reduce the monthly payments on motor vehicles. We assist people in applying for these types of refinancing loans. With our knowledge and expertise, along with our close working relationships with the leading FSPs, we can deliver feasible options to ensure that you can afford your dream vehicle.

 

The biggest determining factor when applying for a loan is your financial record. This includes your current income and credit score, which refers to your ability to service your monthly debts. We can, unfortunately, not assist anyone who is blacklisted. But should you be in good financial standing, your credit score will reflect it. This will dramatically improve your chances of getting a loan with an FSP. Our services can help you to secure a loan before you head out in search of your ideal vehicle. We can also assist in refinancing a car if your current payments are dragging you down. In most situations, people do not fully understand vehicle finance in South Africa. Today, we will briefly touch on the subject and show you how we can lighten the load.

 

Applying for A Vehicle Loan

 

Cars are notoriously expensive in South Africa, not helped by the unfavourable exchange rate and often volatile labour market, in the case of locally manufactured vehicles. And despite the proliferation of entry-level city cars, the price of entry to the new-car market has forever been on the increase. As a result, it has become impossible for the average working-class citizen to afford a vehicle without financial assistance in the form of a loan. Even used cars are expensive. If you are in the market to buy a vehicle, we can assist you to apply for a loan. Our services will give you the best chance to get such a loan before you go shopping. Depending on your monthly income and current credit score, you will have a loan granted in proportion to these numbers. Refinancing your purchase later on, however, requires a different approach.

 

Since vehicles are so expensive, it is likely that your monthly payment to the FSP who provided your vehicle loan is substantial. Life is unpredictable and the day may come that you are overwhelmed by additional surprise expenses and cannot afford your monthly vehicle payment anymore. By refinancing your car, you apply that a third party covers your remaining debt to the FSP through an extended loan. In this way, you can reduce the monthly instalment and give yourself some breathing space by extending your repayment period at lower instalments. This will, of course, increase the time it takes to settle the debt, depending on by how much you wish to lower the monthly payments. Again, having a solid credit score is key to being approved for such a loan.

 

Refinancing your car can be a difficult and very complex procedure. However, with us on your side, it becomes as simple as applying and waiting for the result. If you only have a few years left on your original payment plan, but the instalment is simply too much, this becomes a feasible way to extend the time that you have for paying off your loan to reduce the monthly payments. This relieves the financial load on your shoulders, giving you some respite in terms of your monthly budget. Forget about the hassle of dealing with FSPs on your own and take advantage of our services to deliver workable options that suit your current financial situation. We know how hard it is to get approved for a vehicle loan when doing it on your own. Let us do the hard work.

 

BIB Finance offers a sensible approach to vehicle loans and refinancing a car with the major FSPs in South Africa. For more on how we can assist in these matters, please peruse our website for details on our available services. Choose us today and reduce the monthly payments on your daily driver.