Vehicle Refinance Hub
Vehicle Refinance FAQ: Your Questions Answered
Straight answers to the questions we hear most. This vehicle refinance FAQ covers who qualifies, the documents you need, how long it takes and what you pay upfront. Still unsure? Call or WhatsApp 071 624 4464.
NO DEBT REVIEW APPLICANTS · NO ACTIVE JUDGMENTS · CREDITWORTHY INDIVIDUALS
Which vehicle refinance service do I need?
My car is paid off. Can I get cash from it?
Yes. You can refinance a paid-off car and release its value as cash. This is for creditworthy applicants only. You pay a normal monthly instalment to the bank.
I'm still paying off my car. Can I lower my instalment?
Yes, preferably once you are around 36 months into your agreement. We restructure vehicle finance through a major bank for a lower instalment.
My balloon payment is due. What are my options?
You can pay it in cash, sell or trade in the vehicle, or refinance it. Balloon payment refinance turns the lump sum into a monthly instalment. You keep your car.
Can I get finance for a car from a private seller?
Yes. Private vehicle finance covers a car, bakkie, motorcycle or caravan you buy from a private seller. We check the vehicle and handle the paperwork with the bank.
Vehicle refinance requirements: do I qualify?
What do I need to qualify?
✓ Clear credit record with no judgments
✓ Credit score of 620 or higher
✓ No vehicle repossessions
✓ Not under debt review, and not applied for it
✓ Minimum monthly income of R8,500
✓ Vehicle 2010 model or newer, in roadworthy condition
Can I apply if I'm under debt review or blacklisted?
No. We work with creditworthy applicants only. See the list above.
Do you do a credit check?
Yes. Credit checks apply to every application.
Can I apply if I'm self-employed?
Yes. Sole proprietors apply in their own name. Your personal bank statements are your proof of income.
Applying through a registered business? The business applies in its own name. It gives its own documents and bank statements. Each owner or shareholder also completes a personal application and gives their personal bank statements.
Do you help clients outside Gauteng?
Yes. We are based in Gauteng. Your application, documents and quote are handled online and by phone, so we help clients in every province.
Which vehicles can I refinance?
Cars, SUVs, bakkies, motorcycles, caravans, camping trailers and utility trailers. We refinance personal vehicles only.
How old can my vehicle be?
It must be a 2010 model or newer, in roadworthy condition.
What documents do I need?
What documents do I need to refinance my car?
✓ Valid SA ID
✓ Valid driver's licence
✓ Proof of income
✓ Proof of address
Car still under finance? Add your latest settlement letter.
Car paid off? Add your NATIS / RC1 registration document.
Buying privately? The seller has documents to provide too.
Can I refinance a car in my company's name?
Yes. You can move it from your company into your own name, or the other way round. We also need the company's BRNC (Business Registration Number Certificate) from the traffic department. Sole proprietors do not need one.
Upfront payment, banks and timing
Do I pay anything upfront?
No. You pay nothing upfront.
Which banks will my application go to?
ABSA, MFC, Marquis Finance, Standard Bank and WesBank. We submit your application for you.
Is vehicle refinance a personal loan?
No. It is asset finance through a major bank, at standard asset rates. It is not a personal loan or a pawn scheme.
How long does vehicle refinance take?
Paid-off car: usually 4 to 7 working days.
Car still under finance: usually 7 to 10 working days.
It depends on how quickly you send your documents. It also depends on when your vehicle is inspected.
If I release cash, when is it paid?
Your cash is paid into your bank account once your deal is finalised. Cash-out is for creditworthy applicants only.
Do I keep my car while it is refinanced?
Yes. Your vehicle stays with you from start to finish.
Is a roadworthy certificate needed to refinance?
Yes. Once you accept an offer, your vehicle needs a roadworthy certificate and a multipoint check.
