Buy Your Dream Home Using Your Car!
By refinancing your vehicle through AutoAssist, you can increase the likelihood of securing the home loan you need for the home you want.
How It Works
Buy Your Dream Home Using Your Car!
By refinancing your vehicle through AutoAssist, you can increase the likelihood of securing the home loan you need for the home you want.
Reduce Instalments
Reduce your monthly vehicle repayments with lower interest rates
Increase Affordability
Qualify for a higher home loan by improving your affordability
Access Cash
Access cash “locked up” in your vehicle to fund fees, moving costs or renovations
THE CHALLENGE
Don't lose out on purchasing your dream home
Monthly financial commitments, including car repayments, can impact your affordability score, and prevent you from securing the mortgage bond you need to purchase a property, or the one you really want. Also, the bank may not make a high enough home loan offer to cover the additional costs of a new property, like transfer fees, moving charges, or renovation costs!
This could mean that you lose the chance to purchase your dream home, leaving you disappointed and frustrated. AutoAssist understands this is a real challenge for many South Africans.
Your car, motorbike, caravan or even trailer could help you to secure that dream home for you and your family
AutoAssist can help you improve your affordability and qualify for a bigger bond in one of two ways:
Reduce Monthly Instalments
Reduce monthly vehicle instalments by securing a better loan rate on existing car finance.
Gain Access To Cash
Refinance a car (or any other vehicle) to gain access to CASH for transfer fees or moving costs.
VEHICLE REFINANCE
How It Works
There are a few ways that refinancing a vehicle can assist you to save on your monthly instalments or access a cash lump sum.
- Lower Instalments
- Access Cash
- Refinance For Cash
- Private To Private Finance
OPTION 1
Refinance your vehicle to lower the monthly instalment
When your vehicle is on finance, you will be liable to pay an instalment every month. This instalment usually remains the same until the term is complete.
> EXAMPLE
Vehicle Loan: R400,000
Loan Term: 72 Months
Monthly Repayments: R7,000 pm
Settlement Amount: R125,000
AutoAssist arranges to refinance the vehicle for R125,000, which reduces the repayment value to R2,000 monthly. The client now has an additional R 5,000 a month available and will be able to afford repayments on a higher bond value.
*The above example is given for illustrative purposes. Each case will have unique Ts & Cs.
OPTION 2
Refinance your vehicle to access cash on a vehicle that is still on finance
The calculation of how much cash could be accessible by refinancing your vehicle is dependent on all or some of the following factors:
- The length of time the vehicle been on finance
- Whether a deposit was paid
- Whether there was a trade in with purchase
If the retail value of the vehicle is more than the settlement amount, the cash out will be the difference between them. It is also possible that your instalment may decrease.
> EXAMPLE
Vehicle Loan: R400,000
Loan Term: 72 Months
Monthly Repayments: R7,000 pm
Settlement Amount: R125,000
Retail Value: R225,000
AutoAssist arranges to refinance the vehicle for retail value of R225,000. The instalment will be reduced to R3,500 pm and there will be a cash out payment of R100,000 to pay for other new home expenses like legal fees, moving costs or renovations.
*The above example is given for illustrative purposes. Each case will have unique Ts & Cs.
OPTION 3
Refinance your paid up vehicle to access cash
You may not know that it is possible to refinance a vehicle which is fully paid up. AutoAssist can arrange to refinance your vehicle for the full retail amount which you can allocate to those new home expenses like legal fees, moving costs or renovations.
The minimum amount that you can refinance is R35 000.
OPTION 4
Private To Private Finance
If you are buying a used vehicle from a private individual, or small independent dealership that does not offer a finance facility, AutoAssist can arrange for vehicle finance. You will have access to competitive interest rates through the vehicle finance divisions of the banks, and can avoid the costly options of a personal loan or credit card.
THE PROCESS
Vehicle Refinance In 3 Easy Steps
Contact Us
Get in touch with us about refinancing your vehicle.
Submit Your Documents
Send us your consent form & settlement letter if your vehicle is still financed.
Accept Your Quote
Review your quote of your new reduced instalments or cash payout, & accept!
Contact Us
Submit Your Documents
Accept Your Quote
GET STARTED
Qualifying Criteria
All of the following criteria need to be met for your application to be considered:
- Vehicle less than 10 years old and value of R50,000 or more
- Permanently employed with monthly salary of at least R8,000
- If applicant is self-employed, the business must be registered and older than two years
- Clear credit profile OR acceptable credit score
- SA ID Document AND SA Driver’s License
- Foreigners require SA Driver’s License, Work Permit and Passport
- We can assist Pensioners but they will require Proof of Income
AutoAssist WILL NOT be able to assist clients who are blacklisted, under debt review, or anyone who has accounts in arrears or defaults.