With the increase in the number of South Africans seeking car refinance, it is evident that this is a suitable option for those struggling to repay their car loans. According to a recent study conducted by TNS, about 67% of South Africans are still dependent on vehicle finance to purchase their cars. With the current tough financial times facing the national and global economy, this is not a real surprise.
However, you do not have to risk losing your car because of hard financial times. If you find yourself unable to afford the monthly repayments on your car loan, it’s time to consider refinancing your car.
Is Car Refinance the Best Option?
Nobody would like to see their beloved vehicle repossessed. You may have thought you got a great deal when you finally snagged the financing for a new car, but maybe things have changed now. Perhaps your finances may not be in a good position and affording the monthly car repayments are a nagging headache.
This is can be especially true for people in the 25 – 44 year age bracket, which research has shown to be the largest group of South Africans seeking car financing in the first place. These are young men and women who are just starting out in life and probably raising young families as well. Refinancing your car can help you relieve some of that financial burden.
When you apply for refinancing for your car, you will be able to negotiate for a reduced interest rate on the new loan. You may also have the opportunity to get the new lender to shorten the repayment period but maintain the previous monthly repayment amount. Refinancing your car can also mean agreeing with the new lender to lengthen the loan repayment period while reducing the amount paid every month. That is the beauty of car refinance. It provides you with options that are tailored to your needs and help lower your financial stress considerably.
How Do I Apply for Refinance?
There are many financial institutions in South Africa that offer car refinance services. The key thing to remember is to keep your present financial condition in mind and choose a company that will work with you to achieve what works for you. Make sure that you do your research properly to get a financial institution that is reputable and has the experience necessary to negotiate a good deal for you.
Is your car loan debt weighing you down? Apply for car refinance today. There is no need to wait any longer while paying unaffordable monthly rates. Apply for refinancing, and take one step closer to finally paying off your car, and saving yourself some cash! You can apply for refinancing online with CARFIN.