Vehicle refinancing options

How would that even be a good idea? Some people should not be allowed to work with money.
 
I would stay the fck away from these. Looks dodgy.

Here is an example of how refinancing can benefit your financially: If you had bought a 2008 double cab that had cost you R 200,000, your monthly installment would be R 4,650 over 72 months at a 16% interest rate. Refinancing it over the same term at 12% interest would yield a R 2,950 installment, which is a staggering saving of R 1,700 per month.
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rietrot said:
How would that even be a good idea? Some people should not be allowed to work with money.
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Anything ranging from a change of conditions to interest rates being lowered could lead someone to refinance.
 
Connect101 said:
Anything ranging from a change of conditions to interest rates being lowered could lead someone to refinance.
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Yeah. I don't buy this unknown company being capable of offering lower rates than banks which is about at 10%. This is a typical loanshark that offers high rates but push the term of the loan out. People wil maybe save a few hundred a month and pay tens of thousands more in the long run.
 
rietrot said:
Yeah. I don't buy this unknown company being capable of offering lower rates than banks which is about at 10%. This is a typical loanshark that offers high rates but push the term of the loan out. People wil maybe save a few hundred a month and pay tens of thousands more in the long run.
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Do banks offer a refinancing facility for vehicles?
 
Why would anyone need a car to be refinanced? Does it mean people are truly buying cars and can't possible afford? Or are there genuine reason? Like being demoted and therefore earning less?
 
Sly21C said:
Why would anyone need a car to be refinanced? Does it mean people are truly buying cars and can't possible afford? Or are there genuine reason? Like being demoted and therefore earning less?
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Quite a brutal statement to be fair.

Simply 2 scenarios

1 : financing of the balloon payment. If you have a residual that needs paying off either the car does not match the value to cover this short fall etc, you will need to refinance from a personal perspective or what most do, is purchase another car and let this residual ride at the existing bank assuming they allow it (which is not always the case)

2 ; require refinance or adjustments due to affordability. You would need to speak to the existing bank with your facility. But yes banks do it BUT DONT OFFER it as a product. Its a debt restructuring essentially. Your car has depreciated beyond book value and from a market perspective no longer holds the necessary collateral value to cover the debt. The debt in all likely will be come personal (similar to a personal loan) as it will be unsecured refinance.

Never buy a vehicle on residual or 30% balloon etc. Noting further that whilst none of us can anticipate life circumstance, most banks are open depending on the case to extend or adjust the payment, but completely refinancing it is a debt recovery process and not viewed lightly
 
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