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Car Refinancing

What is Car

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

Reduce your interest rate

Reduce your monthly instalment

Get cash back

Finance your residual/balloon amount with a lower instalment

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

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 AmountR61 000
New Interest Rate11%
Instalments Due60
New BalanceR61 000
New InstalmentR1 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  to start your application or get more information.