You may be considering vehicle refinance in Cape Town but dread the possibility of your lender saying you do not qualify. What do you do next? Should you keep filling out applications from one lender to the next in the hope one of them will approve?
That whole process is like a temporary part time job without the reward. A better idea is to find out if you qualify first. You can do that from the privacy of your own computer by going to Carfin’s website. Carfin is South Africa’s leading independent provider of vehicle finance and refinance solutions. They have access to many lenders with just one application. Carfin is compliant with the National Credit Regulator and the Financial Services Board. You can be sure you are dealing with a reputable company to refinance your vehicle.
Prequalify Yourself from the Comfort of Your Own Home
Begin your prequalification for vehicle refinance in Cape Town with the affordability calculator on Carfin’s website. You want to answer two important questions.
- First, you want to know how much your new monthly payment will be on the amount you are refinancing. Usually this new payment is far less than the payment you are currently making. That is because you are paying on a smaller balance spread over a longer period.
- Second, you need to find out the maximum amount you can afford to refinance based on your available monthly income. Your available income or disposable income is the amount you have left after you pay fixed living expenses like housing, food, utilities and time payments. You may be planning to use the funds from refinancing your car to pay off credit cards or medical bills. If so, do not include their monthly payments in your equation.
Additional Qualifications for Vehicle Refinance in Cape Town
You now know how much you can afford to refinance and what your monthly refinance payment will be. In order to finish prequalifying, you must be able to answer “yes” to a few questions.
- Is the vehicle you plan to refinance less than ten years old?
- Do you have a valid driver’s license?
- Can you find your RSA ID book?
- Is your credit good and do you earn more than R6500.00 per month.
If your answer to all the above questions is affirmative, then you are prequalified for vehicle refinancing. It was easy and private. You can now continue to the refinance application you will find on Carfin’s website. You will receive your response from Carfin quickly. There is no better way for South Africans to prequalify for vehicle refinance in Cape Town.