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Five Reasons Why You Should Consider Taking over Car Payments

September 23, 2013 by admin

Purchasing a pre-owned vehicle is certainly not a bad idea if you are looking to drive a decent top of the range vehicle without having to face the expenses of a brand new vehicle. Many motorists save themselves a great deal of money by purchasing a vehicle that is a few months or a few years old. If you are really looking to benefit from the finance options provided for purchasing a vehicle then perhaps you should think about the option to take over car payments from another vehicle owner.

The following are five reasons why you should consider taking over car payments from another vehicle owner when seeking out the best financial option for you:

Save money – this is a major reason for taking over another individual’s vehicle instalments. If you think about it logically, when you take over someone’s payments you are taking on a loan amount for the remaining balance on the vehicle – not the full cost of the car. This means that the amount loaned is automatically refinanced in your name and you can expect lower monthly premiums as a result.

Easier loan approval -in some cases an individual might have a great credit record and rating, but the amount that they can loan from a financial institution is not sufficient to get the type of vehicle that they are looking for. By taking over the instalments of another vehicle owner you can obtain the vehicle that you most want and be approved for the loan take over as the amount being covered is not the full vehicle value, but the balance of what is outstanding on it.

Peace of mind – a vehicle that is still being paid off is owned by the bank. There will be an official record of any services, maintenance, accidents and so on that the vehicle has been involved in. This means that when taking over the payments, you will be completely advised and informed of the vehicles history.

Avoid a deposit / down payment – when applying to take over another person’s car payments you will not need to put down the initial deposit amount that is often associated with new vehicle finance packages. This of course will save you a great deal in the long run as the deposit amount is already paid and the repayments are made over a shorter period of time. Quite simply put – you win.

Improve your cash flow – by taking on the repayments from someone else you will be ensuring that you pay less than expected for the vehicle which in turn will reduce your monthly expenses and free up some of your cash. Remember to have a professional company such as ours find you the best package and interest rates available.

At Auto Refin we take great pride in assisting our clients to take over vehicles from private sellers with professionalism. Our team is well versed in the financial world and our dedication to ensuring that your finances are taken care of and the best deals are presented to you is evident in each and every happy customer. When seeking out financial aid from us we will require a few things to get the ball rolling. For starters we will need to have a copy of your identity document, your latest pay slip and 3 months bank statements. We are obliged to carry out credit checks against your name and for this reason you will need to have a good credit rating and record.

We also have a useful finance calculator on our website that will help you to calculate your monthly instalments and better budget when you are planning on taking on a new vehicle. At Auto Refin we believe in making the online experience as convenient and hassle free as possible for you. You can leave your details in our quick contact form and one of our friendly consultants will get back to you with more information on the services and packages that you are looking for. If you are interested in learning more about how to take over car payments from someone else, then turn to us at Auto Refin and we will assist you to the best of our ability.