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Take Over Car Payments and Save!

December 9, 2013 by admin

If you want to drive a good quality, decent vehicle that is top of the range without having to pay the hefty price tag that is often attached, then perhaps you should consider the option to take over car payments from another vehicle owner. Many individuals find that they can save a great deal of money by taking over a pre-owned vehicle that is a few months or even a few years old, and so can you! Saving on monthly expenses is of vital importance for many and if you want to benefit financially, consider all of the financing options before making a decision.

While there are various types of vehicle financing options to choose from at Auto Refin, we like to ensure that you are making the right financial decision for you and will advise you accordingly on each option that we present to the market. Below are the top reasons why we advise many of our clients to take over car payments when looking to upgrade on their mode of transport:

  • At the very top of the list is the opportunity to save money. Buying a second hand vehicle does not mean that you are compromising on quality or value for money and the fact that a large portion of the loan might already be paid off means that you are already saving, long term. You will only be taking on a loan amount for the balance of the current owners contract which means you can expect the monthly instalments to be slightly reduced, freeing up some cash flow!
  • When it comes to having complete peace of mind, taking over payments certainly provides. Any vehicle still owned by the bank should be religiously serviced and maintained and any accidents that it has been involved in will be recorded and documented, which means there is no way that you will be blind sighted.
  • Quicker and simpler loan approvals are fairly standard with this type of purchase as you are requesting financial aid for a lesser amount than if you were trying to purchase the same make and model of vehicle brand new. You may find that if you apply for the full cost of the vehicle that you will not be approved, not because of your credit rating, but because of the affordability calculations that need to be done. When taking over payments you are only taking on the balance of the contract which means the loan amount is less, making it easier to be approved for the loan in the first place.
  • No deposit! A deposit has already been paid on this type of vehicle so the loan amount that you take out will cover the outstanding. When taking over payments, there is no need to fork out a lump sum which is quite financially beneficial to those who don’t have a lot of cash to outlay or who don’t want their current cash flow situation to be negatively affected.

Anyone who is looking to cut back on costs and get the best possible deal on their new vehicle finance options should seriously consider taking over the payments from another vehicle owner. This way you will be able to purchase a vehicle that would otherwise be out of budget and therefore not an option for you.

As with any vehicle finance applications documents will be required. We will need you to send us a copy of your identity document (green bar coded), 3 months bank statements, latest payslip, copy of your valid driver’s licence (must be South African) and proof of residential address. We also usually require a letter from your insurance company to say that you have insurance cover in place. We offer a quick turnaround time on applications and treat each application with discretion.

If you would like to find out how to take over car payments and want to cut back on monthly expenses and the hassle involved in trying to be approved for a hefty vehicle loan, then we at Auto Refin will handle all of the paperwork involved and make the process simple and painless for you. Call us today and see how we can help you to save!