Refinancing gives you the option of securing a new loan with monthly payments that are lower than your existing loan. One of the main benefits of refinancing a loan is that it frees up valuable cash flow.
A division of Nedbank, MFC is specialises in smooth, frictionless motor finance. Offering vehicle finance in 6 easy steps, MFC also facilitates safe, secure and hassle-free private vehicle sales.
MFC finances both new and pre-owned vehicles, with a maximum of 72 months on deals. A deposit may be required and vehicle finance applicants get the option of having a linked (variable) interest rate or a fixed interest rate.
Finance options include:
Instalment agreement
This is where a vehicle can be purchased from the dealer or private seller but the bank owns the vehicle until you have finished paying it off.
Balloon Payment Option
This option makes vehicles more affordable.
The balloon payment is a lump sum that you still owe, after making repayments. Once you’ve made repayments, you will need to repay this amount in full or refinance it.
Rate Payment
You can choose between a fixed or variable interest rate.
How to refinance your car through MFC:
If you have opted for a balloon payment option, you can apply to refinance the balloon payment amount for a further period.
You may also reduce the term of your repayment period while keeping the monthly instalment the same.
In order to qualify, you cannot have bad debt. Make sure that you organise your financial documentation and correct any mistakes on your credit record. Raise your credit score by paying your bills on time and settling any outstanding debt.
Lower your debt-to-income ratio. Not many people realise that even having a good credit record doesn’t outweigh the benefits of a low debt-to-income ratio.
By choosing to refinance your car through MFC, you can be assured that you will get world-class service from the second biggest vehicle financier in the retail market. With values including integrity, respect, accountability, being people-centred as well as pushing beyond boundaries, MFC is a premier vehicle finance provider.
