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Refinancing explained

It’s easy to be confused by the refinancing process, but at Autorefin Vehicle and Asset Finance (AVF) we’re here to help. Refinancing is securing a new loan with monthly payments that are lower than your existing loan. This difference can be achieved by obtaing 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. Call us today if you have any questions about refinancing your existing loan.

Does refinancing affect my credit score?

If you’re worried about whether or not refinancing will affect your credit score, you can rest easy. In the short term, refinancing doesn’t affect your score at all. It’s simply another loan you’ve taken on, and meeting your monthly obligations will assure that your credit score stays healthy. Since your credit score already depends on your income, payment history, and the amount of debt you’re carrying, successfully securing a loan to refinance means it’s in good shape. There’s no need to worry about refinancing affecting your credit score as long as you make your payments on time.

PLEASE NOTE THE FOLLOWING CREDIT CRITERIA TO QUALIFY :
1.) Clear and Healthy credit record (No defaults or judgments)
2.) Valid South African Driver’s License Card
3.) Valid bar-coded South African Identity Document or Identity Card
4.) No vehicles under 2004 year models.
5.) No code 3, stolen recovered or accident damaged vehicles.
6.) Only vehicles registered in S.A
7.) Minimum monthly income R 8 500.00

 

 

 

 

 

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