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.
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.
|Original Purchase Price||R100 000|
|Original Interest Rate||14%|
|Current Balance||R58 000|
|Current Instalment||R2 400|
|New Loan Amount||R61 000|
|New Interest Rate||11%|
|New Balance||R61 000|
|New Instalment||R1 400|
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 firstname.lastname@example.org to start your application or get more information.