Benefits of Car
Refinancing?
Reduce your interest rate
Reduce your monthly instalment
Get cash back
Finance your residual/balloon amount with a lower instalment
platinum wheels
Car Refinancing
What is Car
Refinancing?
When you refinance your vehicle, you take out a new loan to pay off the balance of your existing car loan. However, the whole purpose is to pay a lower monthly payment and save money by securing a better interest rate.
Benefits of Car
When is it a Good idea to
refinance a car loan?
Your credit score has improved – with a higher credit score, you are eligible for a lower interest rate.
You have an emergency – if you need extra cash fast, you may want to use a cash-out refinance option.
Your life situation changes – if you can’t afford current monthly payments, you may want to refinance to lower them.
Car Refinancing
Example
Original Finance Structure
| Original Purchase Price | R100 000 |
| Original Interest Rate | 14% |
| Instalments Paid | 30 |
| Current Balance | R58 000 |
| Current Instalment | R2 400 |
Re-Financed Structure
| New Loan Amount | R61 000 |
| New Interest Rate | 11% |
| Instalments Due | 60 |
| New Balance | R61 000 |
| New Instalment | R1 400 |
Refinance your
car with us
What you need to do:
Bring the vehicle for inspection and evaluation.
Original registration document for verification
SA ID Document | SA Drivers License | Proof of address | Proof of income
Terms and conditions apply, all refinance applications are subject to bank’s finance approval and interest rates.
Email mitchell@platwheels.co.za to start your application or get more information.
