According to Reuters, the Standard & Poor’s (S&P) forecast for South Africa is slower than expected growth in 2016. Growth is expected at a rate of 1.4% down from 2.1%. A slowdown in real income expansion and inadequate electricity supply, amongst other reasons, has South Africans losing confidence in private sector investments.
The slowdown has South Africans moderating their spending to stay within their budgets and trying to keep pace with higher costs at every turn. While they are trying to curb their spending, the cost of everything from beer to school tuition is increasing. Many are just one emergency expense away from losing control of their budget. Carfin may have a solution for you to bridge that budget gap.
Is Selling Your Car a Solution?
Selling your car when in a financial pinch may be your first thought. However, weigh the inconvenience against the potential financial benefits.
You and your family cannot walk everywhere so there will be public transportation costs. Added to this inconvenience is the question of the safety and expense involved in using our public transport. Food shopping will entail frequently shopping trips and smaller quantities being purchased, which is invariably costly and time-consuming. Attending functions and children’s activities will be protracted using public transportation and inconvenient with time restrictions involved. When you are finally find yourself in a position to purchase another car, it may turn out to be unaffordable and the terms undesirable.
Solution: Refinance Your Car!
Give your budget some breathing space when you refinance your car. You can do this if you have been repaying the original loan for a fair length of time. There are many benefits, like:
- Your will receive a lump sum of money to help close a budget gap.
- If you refinance your car at a lower interest rate, your monthly payments will be reduced.
- Between the expiry of the old financing agreement and the start of the new refinancing agreement there could be up to a two months period with no payment at all. This means money in your pocket.
- Refinance your car and you avoid all the expense and inconvenience of being without it, opposed if sell it and being car-less.
Who Will Refinance Your Car?
At Carfin, we have a national sales team in place to assist with financing your cars, caravans, motorcycles, boats, trucks, and company fleets. We have extended our services and now offer the option to refinance of your car or another vehicle.
We have strong ties to lending partners and loan financial houses enabling us to secure you a financing deal at competitive interest rates and terms. If your original car finance agreement is not with Carfin, we will pay off that loan and refinance your car, providing you with a new loan agreement. Call Carfin on 0861 227 346 or visit us on the web at carfin.co.za. to refinance your car.
Carfin Does the Leg Work
You could personally conduct the search for the best deal to refinance your car. Imagine going from one financial institution to another and filling out the paperwork at each location. After all that, you will have to wait and hope for an approval or attend an interview with the loan company.
Carfin can help you secure refinancing without you even leaving home. Fill out one application online and we will conduct a search for the best deal on your behalf. Why wait – you could receive approval in minutes!