Let us paint a picture: Kevin is sitting on the steps outside his house staring blankly into the street. A neighbour, Mr Smith, passes and greets him but gets no response just a blank stare. On the way home Mr Smith walks up the pathway and settles down on the steps next to Kevin. After a while, the story pours out and the relief in being able to share it with someone is evident.
Kevin’s mother, a widow, has been involved in a serious accident and she will be unable to work at her part time job. This means that she requires assistance to supplement her pension to be able to come out on her monthly budget.
As Kevin has many commitments, he cannot squeeze another rand out of his salary. Should he sell his car, try and borrow money – he honestly does not know where to turn. Luckily, Mr Smith has been around the block and knows a thing or two.
The Answer: Car Refinance!
Kevin was sitting on an asset but was unaware of the fact. His car was 3 years old and the loan to finance it was almost fully repaid. There was value to be accessed in his car.
Mr Smith explained that his son-in-law had recently refinanced his wife’s car and all it involved was filling in a form online. A consultant from Carfin contacted him and in no time at all the residual on the car loan was refinanced at a lower interest rate. The repayment terms were set at a further 3 years which resulted in considerably lower monthly repayments. The glazed look in Kevin’s eyes cleared and a glimmer of a smile played around the corners of his mouth.
Tips 4 Refinancing
- Deal with a reputable company
You probably find yourself in a stressful situation and do not need to complicate matters by engaging with a company that is not professional and qualified. Carfin are members of the NCR (National Credit Regulator) and are a Registered Financial Service Provider.
- Ensure you comply with the following requirements:
- That your car is no older than 10 years
- Your monthly earnings must be at least R6500
- A clear credit record is essential
- You need to be a South African citizen with a valid ID card
- Pre – Approval
You can find Carfin’s application form online but before filling it in and sending it off,
a quick check to see if you qualify for approval is a good idea. This can be done from home, the office or even at the park during your lunch hour using your smart phone.
- Don’t Wait
There is no need to continue under a cloud of uncertainty and stress waiting for a Mr Smith to spell it out for you. Look up Carfin online and make your step forward with confidence.