Wesbank is at the forefront of quality car finance solutions and has been providing South Africans with simple and efficient car finance solutions for years.
Vehicle finance options are available whether you are buying a car from a dealer, privately or even if you’re buying a leisure item from a dealer.
With over 40 years of experience in the car finance industry, Wesbank is a leading vehicle and asset finance provider. Forming part of one of the largest financial services groups in Africa, Wesbank also offers an option for individuals to refinance their cars.
How refinancing works
Refinancing essentially means replacing your old car loan with a new car loan, in order to revise your debt repayment schedule.
You should consider selling your car before you look at refinancing, unless the new loan is at a lower interest rate to save you money in the long run.
The common goal when one wants to refinance is to pay less interest over the life of the loan. Borrowers may also want to change the duration of the loan.
Typically, a refinanced loan will have a lower interest rate.
When you consider refinancing, you’ll want to shorten the term of your loan.
How to refinance your car through Wesbank
Understand the fees involved.
Understand the risks involved.
Your credit profile will be reviewed when you apply, as a way to determine whether you’ll be able to repay the loan or not as well as to determine your payment behavior.
Some lenders refinance only existing customers, so it helps to shop around beforehand.
- Be at least 18 years old
- Be a South African citizen or permanent resident
- Have a valid driving licence
- Have a clear credit record
- Earn at least R 6250 per month
For more information about how to refinance your car through Wesbank, visit www.wesbank.co.za