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