BALLOON PAYMENT ASSISTANCE
Don’t fear the balloon —
manage it, refinance it, or settle it with ease.
A Balloon Payment Doesn’t Have to Be a Financial Shock
A balloon payment (also called a residual) can feel helpful when you first buy your car — it lowers your monthly installment and makes the vehicle more affordable upfront.
But when the term ends and that lump sum becomes due, reality hits:
The amount is much larger than expected
Savings aren’t enough to cover it
Banks may not extend your current agreement
Budget pressure is already high
Selling the car may not be an option
You feel stuck, stressed, and unsure what to do next
If you’re facing an upcoming balloon payment, you’re not alone — thousands of South Africans are in the same situation. And the good news is: You have options. And we’re here to walk you through all of them.
At MY OWN FINANCE, we help you handle your balloon payment in the simplest, safest, and most affordable way.
What Is a Balloon or Residual Payment?
A balloon payment is a large lump sum that becomes due at the end of your car finance term. It’s a portion of the total cost you postponed paying —
usually 20–35% of the vehicle’s value.
While it reduces your monthly installment upfront, it can create financial pressure later.
But with the right refinancing or restructuring, you can avoid the shock and keep your finances stable.
WHAT ARE YOUR OPTIONS?
For Managing a Balloon Payment - We help you explore every option and choose what works best for your budget
Refinance the Balloon Payment Over a New Term
Spread the balloon amount over a new loan period so you can pay it off gradually with affordable monthly instalments.
Refinance the Entire Vehicle Again
Extend your full loan term, restructure the finance, and create more breathing room.
This option helps if you want:
Lower monthly payments
A better interest rate
More predictable budgeting
Settle the Balloon Using Refinance Cash-Out
If your car’s current retail value is higher than your outstanding balance plus the balloon, we can settle everything and give you the difference as cash.
Trade In and Start Fresh
If keeping the same car doesn’t make sense financially, we help you trade it in and structure a new deal with a more sustainable monthly instalment.
Combine Options (Most Clients Do)
For example:
Refinance + lower interest rate = bigger monthly saving.
You’re never stuck with one solution — we tailor it to your life.
From application to approval, we handle everything —
negotiations, paperwork, comparisons and finance structuring.
You get a hassle-free, transparent process from start to finish.
HOW BALLOON PAYMENT
ASSISTANCE WORKS
We’ve made the process simple, fast, and fully supported.
Step 1: Complete Our Short Online Application
Tell us when your balloon is due and share a few details about your current finance agreement.
Step 2: We Assess Your Financial Situation & Vehicle Value
We Review:
Your current outstanding balance
Balloon amount due
Your car’s retail value
Your current instalment
Interest rate
Loan term
Your budget and financial goals
This helps us build a personalised solution that works for you.
Step 3: We Present Your Best Options
We explain each solution clearly and honestly — no jargon, no pressure.
You’ll know:
Your new monthly instalment
Your interest rate
Your total savings
The recommended option for your situation
Step 4: We Handle the Entire Process
We work with all major banks to secure approval and restructure your finance.
You avoid the admin — and the stress.
Why Choose MY OWN FINANCE for
Balloon Payment Assistance?
We secure the best rates across multiple banks
We give honest, transparent advice
We focus on solutions that support your financial wellbeing
We handle all negotiation and paperwork
We protect you from making rushed or costly decisions
We keep the process simple and friendly
We help you keep your car if that’s your goal
We treat you with respect — no judgment, ever
financial relief
MY OWN FINANCE exists to help you deserve a solution that brings relief, not anxiety.
We’re here to make that happen.
STILL NOT SURE?
Frequently Asked Questions
Question 1: What happens if I can’t pay my balloon payment?
You don’t have to pay it all at once. Refinancing lets you spread the amount over a new term with affordable monthly payments.
Question 2: Can I refinance only the balloon portion?
Yes. Many clients refinance just the balloon without restarting the entire loan.
Question 3: Will refinancing my balloon lower my instalment?
Yes — especially if we secure a better interest rate or extend the term.
Question 4: Can I get cash while refinancing my balloon?
Yes. If the car’s retail value is higher than the amount owed, you can refinance the full value and receive the difference as cash.
Question 5: Can I remove the balloon payment completely?
Yes. Refinancing allows you to eliminate the lump sum by spreading it over a new loan.
Question 6: Do I need a good credit score to refinance the balloon?
A good score helps, but we assess each case individually. We will still explore the best options for you.
Question 7: How long does balloon refinance approval take?
Most approvals take 24–48 hours once documents are submitted.
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