I lead Motor Cars recommend the following motor car finance corporations to get motor car finance:
- WesBank Motor Car Finance
- Auto Refin motor car finance
- MFC, A Division of Nedbank
- ABSA Motor Car Finance
- Standard Bank Vehicle Finance
- Investec Motor Car Finance
Wesbank Motor Car Finance
Wesbank has turned more than forty years of experience into expertise, providing far more than just motor car finance. The company is the largest supplier of private sale finance in South Africa. Trained professionals offer Wesbank’s customers:
- Asset and motor car finance, right there on the dealership floor
- Finance for businesses’ expensive capital equipment
- Fleet management services and fleet motor car finance
- Import finance
- An extensive range of insurance and other value-added products
For their partners, Wesbank provides motor car finance for showroom stock; training in insurance and finance; and training in optimal dealership operation. Wesbank can offer integrated motor car finance solutions with the purchase for an optimised and convenient customer service experience, because they have partnered with all the leading suppliers of motor vehicles, machinery, aircraft and business equipment.
Through the wesbankexpert.co.za microsite, Wesbank offers all the expert information you may require in order to buy a vehicle and your motor finance it, whether you are buying privately or from a dealership. When buying privately, there are a few steps that you will have to follow to get the process going, and this microsite assists you with these steps.
Firstly, you would have to calculate what you can afford and here, a handy budget calculator helps you calculate your disposable income so that you can search for which you can afford the motor car finance. Then you can use the finance calculator to determine the monthly repayments on the vehicle of your choice and see if it corresponds with what you can afford. Remember to get insurance quotes on the vehicle of your choice too, because insurance is an additional expense when buying a vehicle – and compulsory on a financed vehicle.
Next, you can apply for your motor car finance on the microsite. A handy list of pre-application tips helps you prepare to complete the application form – and makes motor car finance as painless an experience as possible. After you have completed the application form – and if you are approved – you reach the third and final step: buying the vehicle of your choice.
Auto Refin Motor Car Finance
Auto Refin can refinance your motor car finance loan if your monthly instalment has become more than you can afford. Refinancing at Auto Refin is a means to consolidating your debt and reducing your monthly motor car finance instalment by as much as 50 percent. There are other options too, like taking payment holidays for between 45 and ninety days, or you can just opt for reducing your monthly payment on your motor car finance loan amount.
One of the advantages of refinancing your motor car finance loan is that you can extend the period of your current motor car finance loan at the current settlement value to arrive at a lower monthly amount. Alternatively, you can refinance the vehicle at the current value while still paying about the same per month – but receive the cash bonus in your pocket. If your credit rating has recently improved, refinancing is an excellent way to lower your monthly payment obligation on your motor car finance agreement.
Remember, you CANNOT refinance your motor car finance loan if:
- Your vehicle is older than a 2000 model
- You are listed for bad debt (ITC)
- You do not have a valid driver’s licence
- Your vehicle is not roadworthy
- Your vehicle is rebuilt
- Your vehicle is “stolen and recovered”
When would refinancing a motor car finance loan be a sound option for you? It would depend on what you want to achieve. If you pay a smaller instalment per month on your motor car finance, you can refinance the settlement over a longer period. If you want to reduce the interest you are paying on your motor car finance agreement, you could refinance over the same or a reduced term than your current loan. How much you will end up saving will depend on factors such as the remaining loan balance, the term of the new motor car finance loan and the difference between the old and new interest rates.
A very handy service available on Auto Refin’s website is the facility to check any vehicle’s history before committing to a motor car finance agreement. For a fee of R89, Auto Refin will report back to you within two hours with the following information on the vehicle you have a query about:
- Whether there is any motor car finance money outstanding on the vehicle at any bank
- The true mileage of the vehicle
- The correct model year of the vehicle
- The vehicle’s original colour
- Whether the VIN and engine numbers you supplied correspond with the manufacturer’s original data
- Whether the vehicle is listed as having been stolen
MFC, A Division of Nedbank (Motor Car Finance)
MFC, A Division of Nedbank, was formed after the former Nedbank Vehicle and Asset Finance merged with MFC. The new entity focuses on cutting-edge technology, product innovation and cost-effective services to achieve maximum customer satisfaction, in a quest to become the most admired bank in Africa.
At MFC, the motor car finance application process is a simple step-by-step procedure outlined in detail on the MFC website, so your motor car finance application can be as painless as possible. Firstly, you have to calculate, and to this end, a handy finance calculator will show you exactly what value of motor car finance loan you can afford. Remember to keep insurance costs in mind too, not just your monthly downpayment on your vehicle.
Next, you have to find an MFC-accredited dealer so you can start shopping for your dream vehicle. The search function allows you to search according to your exact location and will provide you with a list of MFC-accredited dealers in your area. Next in line is selecting a motor car finance option. You can choose an instalment agreement if you wish to retain ownership of the vehicle; it is also an ideal motor car finance option for car allowance users and private individuals.
You may opt for lease agreement motor car finance too; this is best suited to people who use high-cost items such as plant equipment or motor vehicles, car allowance users and businesses that use goods that are likely to become obsolete and that are replaced frequently. When it comes to motor car finance payment options, a balloon payment option is one means of reducing your monthly repayments, leaving the residual (balloon) at the end of the repayment period. At this time, you can choose to:
- Pay the full balloon amount and take ownership of the vehicle
- Refinance the balloon amount
- Trade in the vehicle
MFC offers both fixed and linked rate motor car finance options. The linked-rate option is linked to the prime rate and when the prime rate increases, your motor car finance interest rate increases. However, the converse applies too: if the rate decreases, you pay a lower rate accordingly. The fixed-rate option gives you a fixed motor car finance interest rate that never changes for the entire repayment period, protecting you from interest rate increases and allowing you to budget accurately for a set amount.
ABSA Motor Car Finance
ABSA Vehicle Finance offers various finance options for all manner of vehicles, caravans, motorcycles and trailers. Their motor car finance options affords you an opportunity to drive your ideal vehicle. Even if you want to buy a vehicle from a private seller, ABSA will assist you – through one of their “Private Dealer” dealerships – with finance, ownership verifications and trade-in deals.
You can purchase a vehicle by means of an instalment sale motor car finance agreement, lease agreement or rental agreement. When you finance a vehicle through an instalment sale agreement, the vehicle is yours once you have paid the final instalment. If you opt for a lease motor car finance agreement, you get to use the vehicle in exchange for a monthly instalment and decide later if you want to buy the vehicle. A rental agreement gives you full use of the vehicle for a monthly rental payment.
If you are concerned of what would happen if, for some or other reason, you become unable to meet your financial obligations in terms of paying your overdraft, loan or motor car finance agreement, you have the option to take out ABSA’s Credit Protection Plan. This plan will pay your credit card bills, ease the burden of your current loans and ensure that your ABSA vehicle financing is paid off in the event that you become unable to.
The Credit Protection Plan may be the perfect choice for you if:
- You want the assurance that your motor car finance loan will be paid in full in case of your death or disability
- You have multiple credit lines and you are concerned about the impact it will have if you cannot pay any of them
- You want a grace period during which your credit motor car finance amounts will be paid for a certain period during times of temporary disability or serious illness
- You are at least 18 years of age
ABSA offers their own extensive range of pre-owned vehicle that you can choose from and these are frequently vehicles that have been repossessed. A repossessed vehicle may represent excellent value and you are afforded access to the same superb financing and insurance products when you buy one of these vehicle than you are when you buy any other new or used vehicle through ABSA. All you have to do is contact your closest ABSA Trade Centre if you are interested in buying a repossessed vehicle. These vehicles are usually sold at public auctions or through a closed tender. There are ABSA Trade Centres in Bloemfontein, Boksburg, Durban, Milnerton and Port Elizabeth.
Standard Bank Motor Car Finance
At Standard Bank, you can also get access to various types of motor car finance. They offer Access Finance, for example. Access Finance is a facility that links a Standard Bank Vehicle Asset Finance Credit Agreement (whether it is instalment sale motor car finance or financial lease) to a current account. However, this current account does not have an overdraft of cheque book facility, does not bear interest and clients can deposit any available surplus funds into this account.
Customers derive their benefit when these funds are then used to calculate the earnings reduction on their Standard Bank Vehicle and Asset Finance credit agreement. The earnings reduction takes into account the balance on the Access Finance transaction account and is the amount by which the motor car finance charges are reduced on the customers’ credit agreement.
Customers can transfer, deposit or withdraw funds from and to the SAF transaction account, using AutoBank, Telephone Banking, AutoPlus, Internet Banking, Business Online or Standard Bank Branch Facilities. You always have access to withdrawing the surplus money you have deposited, from any ATM.
By opting for the Fixed Rate option, the interest rate is fixed on one value for the duration of the motor car finance agreement period. The rate will not change, irrespective of how much prime rate fluctuates, enabling you to budget more accurately for one fixed amount. However, you must request the Fixed Rate option before signing your motor car finance agreement.
Standard Bank also offers insurance products and you can obtain a quote from them for insuring the vehicle you wish to purchase. They also provide a Miss-A-Month payment plan, whereby you can choose any month of the year to skip your payment – remember that you must select the month of your choice before signing your motor car finance agreement and that month will stay constant throughout the agreement period.
Lastly, opting for their Variable Rate agreement will see your monthly instalment rise and fall according to prime rate fluctuations. You also have to select this option before signing your motor car finance agreement.
Investec Motor Car Finance
There are several advantages to motor car finance with Investec Vehicle Finance. You stand to pay competitive rates and you can earn Investec Dividend Points, in addition to other benefits. To this end, Investec offers individual vehicle and fleet finance options for private and business use.
Here are the benefits of motor car finance at Investec:
- Structured payment plans that minimise tax and maximises cash flow
- A wide choice of financing options, including instalment sale motor car finance and negotiable residual options
- You can conveniently and securely view your vehicle facility online
- You can deposit and withdraw excess cash in your facility at will, allowing you the flexibility of saving on interest and reducing motor car finance payments
- You get preferential rates from Matrix Vehicle Tracking and you stand to earn Invested Dividend Points
- Competitive interest rates
- If you source your vehicle through McCarthy Call-A-Car, you stand to earn up to 200,000 Investec Dividend Points
- You also have access to other Investec financial products, notably the Journey card, Investec Private Bank Account and other financial solutions37
Should you struggle to get that motor car finance approved, contact ilead motor cars for assistance: firstname.lastname@example.org