Thousands of South Africans all across the country have either sought vehicle refinancing or are seriously considering it. With the global economy being what it is, people are experiencing the effects of the tough times. One of the financial commitments most people struggle with is the car loan repayments.
You could find yourself in a tricky situation. Imagine Sipho: the car loan he had signed up for a year ago had been a blessing as it helped him buy the car of his dreams. Unfortunately, the way things were going, it looked like it was a decision he was going to regret. His taxi business wasn’t doing that well, and the bills simply kept piling up. He was on the verge of having his vehicle repossessed, and he had no idea what to do.
He remembered he had heard about something called vehicle refinancing, but he hadn’t paid much attention to it at the time. Sipho decided he had nothing to lose by finding out more about it. Some of the people he asked told him that refinancing a vehicle involved a long and cumbersome process and that he would never meet the requirements.
But he was not discouraged as most of these people didn’t even know how to apply in the first place! He did his own research, got the information he was looking for, and realised applying for vehicle refinancing was not as difficult as he had heard. Sipho finally made the decision to apply for refinancing of his vehicle. Could this be you?
The Vehicle Refinancing Process
There are many financial institutions in South Africa that provide refinancing services. Some of them may have slightly different vehicle refinancing requirements than others, but there are some basic steps and requirements that you have to know about before you can advance through the process.
One of the most important things to do is to thoroughly research the financial institution you plan on working with. Look for a reputable institution that has experience in vehicle refinancing so that you can ultimately walk away with a good deal that will reduce your financial burden. They will then be able to take you through the process of applying for refinancing, with the following requirements:
- South African vehicle registration
- A clean credit history
- A valid South African driving license
- The vehicle must be less than 10 years old
- The vehicle must be in substantially good condition
- An income of more than R6500 per month
If you meet the above requirements, then you qualify to apply for refinance. You can renegotiate for a new loan with a reduced interest rate or an extended repayment period. Apply for refinance today, keep the car you love, and save some money. For all the assistance you need, contact Carfin.