Need Some Breathing Room? Refinance Your Car | Carfin | Car Finance


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When things are really getting tough and you need to figure out a way of easing the pressure, one way is to refinance your car. You’re not the only South African looking for a way to stretch the Rand – and yes, there is a way! Consider restructuring your vehicle finance.
Advantages of Car Refinancing
To refinance your car is not a wholly new concept and it has been in place for quite some time. However, in South Africa, the car re-financing option is not widely known, although the benefits are worthwhile.
Did you know that it is possible to re-negotiate the interest rate of your loan and subsequently pay a lower monthly instalment? This will result in a reduced monthly commitment and in you ultimately paying less for your loan.
Also, it is possible to repay your loan over an extended period when you choose to refinance your car. This means that you will pay lower monthly instalments which can ease the pressure of monthly bills and commitments.
It is possible to enjoy a slight break, of a few months, in your payments when you acquire car refinancing. This is welcome when you are in a difficult position and you need a breather before you continue with your monthly instalments. More importantly, this relief can prevent you from defaulting on your loan.
New Year Breather
January is often a difficult month since you might have overspent during the festive season. It is also the time when the children are going back to school, which brings with it the expenses of uniforms, books and school fees. With these added expenses you might find that your budget is under severe strain. This could be the reason to seek to refinance your car, to ease a difficult situation and to keep things going.
There comes a time when one needs some breathing space and this is available through refinancing if you have already made a fair number of repayments on your loan. This means that you are able to access the cash value in your car.
There are certain requirements before you are able to refinance your car. One of these is that your car is less than 10 years old. You will need to earn more than R6500 per month. An ITC check will be conducted to ensure you have a clear credit record. A South African ID card is necessary for you to be eligible for refinancing.
Whatever the reason is that you wish to apply, be assured that CARFIN will assist you with excellent service and car refinancing deals in South Africa.

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