Refinance Your Car in South Africa
Lower your monthly payment, reduce your interest rate, or restructure your balloon. One application to top banks, and we bring you the best deal we can get.
Your Rate May Not Be the Best One Available
Most South Africans take dealer finance on the day they buy, under time pressure, with no comparison. That rate may no longer be competitive. Refinancing lets you go back to the market and get what you should have had from the start. Need new finance rather than refinancing? See our vehicle finance options page.
- Lower your monthly repayment
- Reduce your interest rate
- Restructure a balloon payment into manageable instalments
- Extend or shorten your remaining term
- Move from a dealer rate to a bank rate
How Refinancing Works With Carfin
Four steps. No branch visits. No guesswork.
Submit Your Details
Complete a 2-minute application with your income details and current finance information. No branch visit required.
We Approach Top Banks
Carfin submits your application to top SA banks simultaneously and works to bring you the best deal we can get, so you do not negotiate alone.
Receive Your Best Offer
Your consultant walks you through the best available offer and the numbers, with no pressure.
Accept and We Handle the Rest
Accept the best rate and Carfin manages the settlement of your existing finance and registration of the new deal.
When Does Refinancing Make Sense?
You do not need to wait for the perfect moment. Any of these situations is a good reason to explore your options.
The Prime Rate Has Dropped
If you have a linked-rate deal and interest rates have fallen since you took finance, a new deal at today's rate could save significantly.
Your Credit Score Has Improved
A better credit score since your original finance means banks will offer a lower rate today. That improvement has real monetary value.
A Balloon Payment Is Due
Rather than settle a large lump sum at the end of your term, refinancing rolls the balloon back into manageable monthly payments.
Your Monthly Budget Has Changed
If your repayment is straining your budget, refinancing can extend the term and reduce the monthly commitment, giving you breathing room.
You Took High Dealer Finance
Dealerships often finance at elevated rates because you needed the car quickly. Now that you have time, Carfin can find you a properly competitive rate.
You Have Never Compared Rates
If you accepted the first rate offered to you, whether by the dealer, your bank, or a single broker, you may simply be overpaying. One application finds out.
Refinance Eligibility
Carfin can help if you meet these requirements. We'll tell you honestly before you submit anything.
You can only refinance once you have been in your current finance deal for at least 24 months.
- At least 24 months into your current finance deal
- South African ID
- Employed, self-employed, or receiving a pension
- Vehicle registered in your name
- Current finance account not in arrears
- Low or thin credit score, not blacklisted
When Refinancing Is Not Possible
We will always tell you upfront if your situation means refinancing is not viable.
- Currently under debt review (a debt counsellor must be involved before any new credit can be arranged)
- Formally blacklisted with active default listings (these must be resolved before applying for new finance)
- Finance account more than 90 days in arrears (bring it up to date first, then apply)
Not sure where you stand? Read our honest bad credit guide before you apply.
Documents Required to Refinance
Prepare these before you apply to speed up the process. All documents can be submitted electronically, with no originals required.
South African ID
Clear copy of your green barcoded ID or smart card ID.
Proof of Income (Last 3 Months)
Payslips (salaried) or last 3 months bank statements (self-employed or commission).
Proof of Residence
Utility bill, bank statement, or government document not older than 3 months showing your physical address.
Current Finance Statement
Your latest instalment statement showing the balance, rate, and remaining term. Carfin can request this from your current lender on your behalf.
Vehicle Registration Document
The licence disc or registration papers confirming the vehicle is registered in your name.
Not sure what you have?
Apply anyway and your consultant will guide you through exactly what is needed for your specific situation.
Frequently Asked Questions About Refinancing
For a full step-by-step guide, read how to refinance your car in South Africa.