How to refinance a vehicle
How to refinance a vehicle?
There's essentially two ways you can get your hands on the dream vehicle that's been in your browsing history for a while. One is that you pay up front and get the vehicle in exchange straight up, the other is to get your vehicle through leasing companies if you're a little short on cash. You might already know how to get finance but do you know about a refinance? So what exactly is a refinance,what exactly do you use it for ?Let's find out!
What exactly is a refinance
Let's imagine a hypothetical scenario where you're on finance for your brand new vehicle.You've been a loyal payee settling pending payments at the right time and nothing could go wrong. Let's say you're in need of a quick stack of cash.In that case what you can do is refinance, get some cash into your hand to spend and start your finance from the beginning as a fresh one under a new agreement.
Do you need to pay at once when refinancing
There is no necessity to pay all the pending from the previous agreement when applying for a refinance. Depending on the agreement with the leasing company you an make a payment plan with is devoid of all the interest payments from the previous agreement
How to apply for a refinance
If you want to smooth out the process then it's in your best interest to contact the agent who pitched you the original deal.Otherwise contact the leasing company requesting for a refinance. You will be requested for some images of your vehicle to get a visual evaluation of the state of the vehicle.
After the green light from the leasing company you'll need to submit a valuation report to account for the current status of the vehicle.From thereafter depending on the efficiency of your benefactor you could get things done within your time plan.
Things to consider when applying for a refinance
Refer to an external evaluation report under the consultation of your agent to avoid issues that might arise later
Your older interest rates will be updated to the latest interest rates listed under the company. Even more your total payable will be deducted from the valuation to give you the finance up to 70%
Make sure your revenue license is up to date as you cannot refinance until you have a fully up to date revenue license.
This is a step by guide for you to apply for a refinance, so take all the points into consideration when you're going through the process.
