What is Vehicle Refinance

Why Refinance your car


Having a car loan can at times can wreak havoc on your nerves, and your finances and therefore your monthly cashflow. The high interest rate of the car/vehicle finance can be real burdensome and high enough to make a dent in your finances and your monthly budget. If your auto loan is giving your sleepless nights, it means the right time has come to opt for car refinancing and to come and speak to us.

Refinancing your auto loan is like a walk in the park. It does not require much of your time because the process is simple. A new lender will pay off your old car loan payments. In addition, the title of your car will be transferred to the new lender. We take care of the above and we get you the best possible interest rate and term that is available.

Thus with the combination of us and Refinancing the results will be: you acquire better interest rates on your car finance and you extend your finance period. This makes your payments affordable and also gives you the golden opportunity to improve your cash flow and ease money troubles that is if you are having any, but worst case scenario you save a money on your monthly car finance expenses. 

Why should you opt for car refinancing.

A lot of money can be saved with the help of car refinancing and it is a great incentive to apply for it. There are many reasons why some people are blinded with car finance which indeed have people ending up with astronomical payments and high interest rates. One reason they fall into this trap of accepting the first car financing plan offered because they are excited and overwhelmed with the fact of buying a car that they forego taking the time to calculate the costs required to make the payments later.

It is only after the contracts are signed and vehicle payments start getting deducting, when the person realizes that he cannot meet his debts or he can make his monthly car installments but that they add strain to his monthly finances. Another example is when a person with a bad credit report buys a car with high interest rates, because at that time that could be the only option he or she might have. 

What to evaluate when refinancing a car.

If you bought the car at the high interest rate because you had a bad credit rating and now you have improved your credit scores, it is the perfect time for you to go for refinancing your car as you have high chances of getting better interest rate because of your improved rating and general economic conditions do affect this as well.
See the market price for a new car and interest rates and be ready for a car refinance if rates fall well below the price you paid for your car. This will help you save a lot in the long run.
Improving your credit rating before applying for refinancing is a surefire way to get better interest rate which eventually helps you save more, call us to get a quick idea of what interest rate you can expect.
Even if you have a bad credit record a refinancing deal can result in drastic monthly car installment savings when refinance your car. Speak to us so that we can get you the best deal and help you get your car refinancing to start saving
A bad credit report can affect your chances of a better interest rate when refinancing your car. Get a credit report and correct the errors if you have any and pay off any high balances at least a month before planning to get your car refinanced.

Financing Options

Refinance and Finance Service Options

Vehicle Refinancing

ReFin Financial Services offers clients the opportunity to change their monthly motor vehicle instalments to the current value of their motor vehicle settlement amount, change their interest rate, change their finance term and even free up some extra capital for up to 60 days.

Private Buyers and Private Sellers (Private to Private)

Looking to buy or sell a vehicle privately? contact ReFin Financial Services and we will finance the vehicle for you! No added dealer commissions or profits.

Residual/ Balloon Payment Financing or Refinancing

Once you have paid off your vehicle you are still held accountable for the Residual/ Balloon payment. ReFin Financial Services offers a financing option to finance the Residual/ Balloon payment for you at a better interest rate and term.

Finance Pre-approval

ReFin Financial Services offers clients the option to get preapproval for their next dream vehicle and ReFin Financial Services can even offer to find that vehicle for you!

Value Added Options

This help to protect the family and / or policy holder against the added burden of having to repay the finance agreement in the event personal tragedy. Please request a full description and benefits from ReFin Financial Services.
Where the vehicle is a total loss (theft or accident) and is written off by the underlying insurer who has settled the claim, and a shortfall arises with the bank, we will pay the shortfall.Please request full description and benefits from ReFin Financial Services.
This provides mechanical breakdown cover on items such as engine, gearbox, differential, steering and braking system, etc to certain limits depending on the age of the vehicle and mileage done.
  1. Free roadside assistance
  2. Towing costs covered
  3. Hotel accommodation for out of town breakdowns
  4. Car hire charges (limited)
  5. Covers moving parts in the event of mechanical breakdown
  6. Please request full description and benefits from ReFin Financial Services

Benefits

Refinancing your debts simply means paying off your existing loan/finance using a new loan at either a lower interest rate and/or an extended repayment period. Refinancing is one of the most popular options to reduce the monthly fees payable against debt as a result of vehicle and car finance.

This kind of financial adjustment or procedure is followed when client who has taken a loan is finding it difficult to pay the monthly installments after taking care of all other day to day expenses. Subsequently, we provide a service to refinance the original finance agreement with a new one, so that the client can pay off the monthly installment of the loan with ease. The new loan will aim at offering the client a lower interest rate or at times, reduce the term of the longer mortgage. The main idea is to reduce the amount of monthly installment of vehicle and car finance costs.
The number one advantage of refinancing loan is that you get a lower interest rate because we generally are able to attain a lower interest rate than that which was obtained originally when financing the vehicle.

Another advantage of this refinancing contract is that the customer, who is finding it difficult to abide by the terms of the original loan with regards to monthly installments, can get more favorable terms and conditions after refinancing. Consequently it can help the client to the make the payment of the monthly car and vehicle installments in more comfortable and affordable way. Thus lightening the cash flow burden and easing some of the financial strain the client might be experiencing.
The number one advantage of refinancing loan is that you get a lower interest rate because we generally are able to attain a lower interest rate than that which was obtained originally when financing the vehicle.

Another advantage of this refinancing contract is that the customer, who is finding it difficult to abide by the terms of the original loan with regards to monthly installments, can get more favorable terms and conditions after refinancing. Consequently it can help the client to the make the payment of the monthly car and vehicle installments in more comfortable and affordable way. Thus lightening the cash flow burden and easing some of the financial strain the client might be experiencing.
When considering refinancing as an option it is necessary to do some calculations before plunging into this type of contract, you must work with a professional company to ensure the service and advice you receive is in your best interest. They need to make sure the cost to settle the original finance debt is less that the cost to acquire a new finance one. So they need to advice you about what are the fees required to be paid or if any one time payment is supposed to be made for refinancing of your car or vehicle.

Moreover, you also need to check if there are any prepayment fees attached with the existing loan. If yes, the option of refinancing will be less effective and less favorable to the client because the cost of borrowing will be more at the time of refinancing.

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*Please note that by submitting your personal details including your ID number to ReFin Financial Services you authorise ReFin Financial Services and its nominated agent, to access your credit record with any registered credit bureau.

 

Contact Us

Our Address:

Floor 1 Building 1

Atterbury Estate

19 Frikkie de Beer Str

Menlyn

Email Details

Email: info@needfinance.co.za