Can you refinance a car in South Africa?
Vehicle refinancing in South Africa can be a clever way to save money on your monthly car repayments. Here is what you need to know about refinancing, when to refinance, when not to and how Motorlease can help you to refinance a vehicle.
Is it ever a good idea to refinance your car?
Interest rates If the interest rate you qualify for today is significantly lower than your current loan rate, it may be a good time to refinance a car. If it's the same or higher, it's probably not the right time to refinance.
How many car payments should I make before refinancing?
At least 6 months into the car loan This way, you'll have time to build a good history of on-time payments. Some lenders require six to 12 months of on-time payments before they'll consider a refinancing application.
Is there a fee for refinancing a car?
Refinancing Costs There's no cost to refinance your vehicle unless the lender you're working with charges an application fee. Depending on where you live, some parts of the process may also incur a fee, such as retitling the car, but there's no flat fee.