Forward Thinking Refinancing
Sometimes, the economy takes a dip. Suddenly, your money is worth less. Interest rates get hiked, and you’re forced to make some adjustments to your purse to plug the leaks.
Keeping your budget healthy and your credit record intact without compromising on your lifestyle can be an uphill climb. Refinancing may be the answer.
South Africans are struggling with debt today due to poor financial planning including; credit card debt, in store credit, wrong buying decisions, and living beyond your means. The increasing costs of living (rates and taxes, electricity, water tariffs school fees, etc.) means that South Africans are, now more than ever, finding themselves in financial difficulty because they have over extended themselves. Comfort living is in jeopardy as financial pressure on every household builds month on month.
You have heard about refinancing, but you don’t know what it means. Is it even the right option for you?
What is Refinancing?
Refinancing a vehicle is taking out a new loan to pay off an existing one. If that seems like too much borrowing, there is a reason why some people to consider it.
After 25 years in the motor industry, we’ve come to notice that many clients who bought their first dream car (and subsequent cars after that) have asked if there was a way they could lower their monthly instalment but still keep the car that they loved. They don’t want to trade in their vehicles for a cheaper alternative, but they still want to gain a financial advantage against the ever-changing market conditions. In essence, the majority is looking at either lengthening their finance period or trying to find a way of lowering their interest rate and reducing their monthly repayments. Some, on the other hand, were even looking at shortening the finance period in the hope of paying off their vehicles quicker so as to reduce their debt burden.
Furthermore, most first-time buyers buy vehicles at excessively high interest rates due to their low credit scoring. However, with time, these clients evolve into higher income groups with better credit ratings and an overall better financial standing in the market. Unfortunately, most were still being held accountable for monthly installments at very high interest rates. Due to this, they are looking at ways to restructure their current finance giving them more competitive rates and better terms.
Citton Cars Finance offers the opportunity to change their monthly motor vehicle installments to the current value of their motor vehicle settlement amount, change their interest rate, change their finance term and even free up some extra capital for up to 60 days.
We can offer you, the financial breathing space to reassess and evaluate your financial situation. You can create financial stability and make correct buying decisions from here on.
Change your interest rate, Change your finance term, Change the amount financed and Change your life through financial stability