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How can you benefit from Vehicle Refinance?
Reduce your interest rate.
Don’t accept high interest rates, there could be a chance that you can qualify for a lower rate by choosing to refinance your car and by doing so save on your current monthly instalments.
Reduce your monthly instalment
You can lower your monthly instalments by extending your credit or apply for a reduced interest rate on your current vehicle finance.
Residual & balloon payments
Finance your residual/balloon amount with a lower installment and interest rate for up to 72 months.
Get cash back
If your vehicle’s current market value is higher than your outstanding credit balance, you can get cash back.
Why do you need Vehicle Refinance?
Refinancing is securing a new loan with monthly payments that are lower than your existing loan. This difference can be achieved by obtaining a loan on a lower amount, or securing a lower interest rate. This savings puts extra money in your pocket by lowering monthly payments. This can make a big difference in your budget, and reduce the stress on your personal finances.
When you restructure your car loan, you can elect to benefit in several ways:
- If you obtain a lower interest rate, you can use it to lower your monthly instalment and free up valuable cash flow.
- Alternatively, you can use it to reduce the term of your repayment period while keeping the monthly instalment the same.
- A third option is to extend your loan repayment period, which will also serve to lower your monthly instalment.
Here is an example of how refinancing can benefit you financially:
If you had bought a 2008 double cab that had cost you R 200,000 your monthly instalment would be R 4,650 over 72 months at a 16% interest rate. Refinancing it over the same term at 12% interest would yield an R 2,950 instalment, which is a staggering saving of R 1,700 per month.
Have any additional questions about Vehicle Refinance?
Check out our glossary of comprehensive list of FAQs.
Hippo will help you find the right Vehicle Refinance to suit your needs and budget.
