BIB Finance – structured vehicle finance solutions
Buying a new car can be an exciting process. The reality however, is that getting to buy the car you’ve been dreaming of is often a luxury available to those who can afford the costs that come with owning a new car.
BIB Finance is a leading vehicle finance provider that specialises in confidential, secure and reliable financing. The lender provides structured finance for all credit solutions.
Tell me more about BIB Finance?
BIB Finance works with leading financial institutions in South Africa, such as Absa, MFC, Wesbank and Standard Bank.
The institution also offers a refinancing option, which reduces your current monthly payment and allows you to reduce the interest.
To potentially qualify for vehicle finance from BIB Finance, your payment performance on existing loans will be assessed. The ratios of your total debt to income will also be assessed.
The process is quite simple:
- You Apply
- Get a decision
- Submit your documents
- BIB Finance pays off your existing loan
BIB Finance will structure a vehicle finance solution for your individual needs.
More vehicle finance tips:
By paying a large deposit you’ll end up paying a lower amount in the long run. Remember that a fixed interest rate is often favoured because it means that repayments will remain unaffected by interest rate fluctuations.
Be clear about extras. During the contract-signing process, you’ll be given a breakdown of what extras you are signing up for. This may include delivery, licensing, admin fees etc.
It’s important that you buy a car you can afford to maintain, with accessible spare parts. You also need to think about how often you travel per month.
Be clear about how the balloon payment works. This allows you to pay reduced monthly instalments. You then need to pay a large amount when your loan term is due to expire.