Balloon payment due?
Refinance Your Balloon Payment in South Africa
Keep your car and turn the lump sum into a monthly instalment you can plan for. We submit your finance application to the banks for you.
✓ Keep your vehicle
✓ Finance through 5 major South African banks
✓ You pay nothing upfront
Get a free balloon refinance quote
NO DEBT REVIEW APPLICANTS · NO ACTIVE JUDGMENTS · CREDITWORTHY INDIVIDUALS
What is a balloon payment?
A balloon payment is simply your last instalment. It is bigger than the rest.
Your bank paid the dealer when you bought the vehicle. From that day, you owed the bank the full amount financed. Your monthly instalments were lower because part of that amount was left for the last instalment. That last part is your balloon.
You have been paying interest on your balloon since your first month. The bank charges interest on the full amount you owe, including the balloon.
Does my settlement letter include the balloon? Yes. Your settlement letter is the full and final amount to close your agreement. It includes the balloon.
What can you do when your balloon is due?
You have three options.
Pay it in cash
Settle the balloon in one payment and the vehicle is yours.
Sell or trade in
Sell the vehicle privately or trade it in. The bank is paid what you owe.
Refinance it
Keep your vehicle. We turn the balloon into a monthly instalment you can plan for. Creditworthy applicants only.
Want a lower instalment on an existing agreement instead? See restructure vehicle finance.
How balloon payment refinance works
Four steps from your balloon to a monthly instalment.
1
Apply with your documents
Send us your application and documents. We submit your finance application to the banks for you.
2
Review your new terms
We put together your new terms. You see your quote before you decide to go ahead.
3
The bank approves
You sign the bank's finance agreement. We take care of settling your balloon.
4
Keep your vehicle
Your new agreement replaces the balloon. You pay a monthly instalment you can plan for.
Documents you need to refinance your balloon payment
✓ Valid SA ID
✓ Valid driver's licence
✓ Proof of income
✓ Proof of address
✓ Latest settlement letter
Do you 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
You pay nothing upfront. Creditworthy applicants only — credit checks apply.
What our clients say about us:
Balloon Payment Refinance — Frequently Asked Questions
How does a balloon payment work in South Africa?
The bank pays for the vehicle when you buy it. Your instalments are lower because part of the amount is left for the last instalment. You pay interest on the full amount, including the balloon, all the way through.
Can I refinance my balloon payment?
Yes, if you are creditworthy. We refinance your balloon into a new finance agreement with a monthly instalment. You keep your vehicle.
Does my settlement letter include the balloon?
Yes. Your settlement letter is the full and final amount to close your agreement. It includes the balloon.
Do I have to wait until my balloon is due?
No. You can start before the due date. Your settlement is worked out to the day you settle, and it includes the balloon.
What are my options when the balloon is due?
You can pay it in cash. You can sell the vehicle or trade it in. Or you can refinance the balloon and keep your vehicle. We help with the refinance.
What happens if I cannot pay my balloon on the due date?
The bank expects its final instalment on the due date. If it is not paid, your account goes into arrears. Speak to us before that date.
Can I release cash when I refinance my balloon?
Yes, if your vehicle is worth more than you owe. The cash is based on the value in your vehicle. Creditworthy applicants only.