Restructure your vehicle finance in Gauteng and you will have hit on a very effective way to help juggle the monthly budget in these tough financial times. Finding additional cash at the end of the month to pay for unexpected household necessities is frustrating and stressful. How then to create leeway to accommodate those unexpected surprises?
Looking at areas that carry value which you can cash in on immediately brings to mind vehicle refinance. A loan secured to finance your car over 48 months is, let us say, now in month 30. The repayments were arrived at by adding interest to the loan amount and dividing by 48. The outstanding balance will by now be greatly reduced and the value for your lies in the 30 monthly repayments you have made and the asset (your car) you still hold.
What Happens When You Refinance?
The financial house granting your new loan will settle the outstanding balance of your ‘old’ loan and give you new terms on a new agreed loan amount. The advantage of this lies in you being able to reduce the capital amount of your loan which in turn will give you greatly reduced monthly repayments. You can decide the term over which you wish to repay this loan – the longer the period the lower the monthly instalment. Now the extra available cash each month can be utilised to reduce the squeeze on the end of the month budget.
Gauteng Vehicle Finance Restructure
A handy tool to use on the Carfin website is the calculator which allows you to try out different amounts and interest rates to help you decide on the amount you want to loan and what savings you will be able to count on. You can even prequalify yourself online and will be eligible for a loan provided your car is less than 10 years old; you earn more than R6500 a month, have a South African ID, and a clear credit record.
Our economic situation does not look as if it due to improve soon and every effort to find a solution is worthwhile. Refinance is one of the easiest and quickest ways to effect a saving. Look up Carfin for assistance and advice when you decide to restructure your vehicle finance in Gauteng.