WesBank offers comprehensive car financing that is unique to its industry. So if you are in need of financial assistance in order to purchase a new pair of wheels then WesBank is without a doubt the wisest choice to pursue. They offer a remarkably flexible range of vehicle financing options, ensuring that at least one is sufficient to suit all your needs and requirement.
You can get your finance approved online and be presented with your financing options. This will indicate which car you can afford and which option would best suit your budget.
Owning your own vehicle isn’t as difficult or expensive as you might think, with advisors from Wesbank lending you a helping hand you are bound to find a solution perfectly suited for your budget.
Start getting your information in order and visit the Wesbank website and complete your online application, it’s literally as easy as one, two, three.
Here are some of the requirements and criteria for applying for vehicle financing with WesBank;
With regards to the vehicle you’re interested in buying:
- The car should be sold by a private seller as apposed to a manufacturer or dealership.
- The car should not be worth less than R30 000.
- The vehicle model can’t be older than 8 years.
- By no means can the vehicle be stolen or recovered.
You as applicant will have to qualify by adhering to the following criteria;
- Be over the age of 18.
- Be a permanent resident or a South African citizen.
- You must own a valid South African drivers license.
- You credit record must be completely clear.
- Your salary must be R6,000 per month or more.
Several financing options area available to the person wishing to buy a new car. A full maintenance lease includes maintenance on the vehicle, but this is based on the mileage you expect to cover. The lease period, monthly rental, interest rate and maintenance package are negotiable. For business use, periods range from six to sixty months; interest is calculated at either prime-linked or fixed rates; and the goods must be comprehensively insured for the full duration of the agreement.
There are several benefits to opting for a full maintenance lease:
- It enables to use an expensive item without having to have saved for it first.
- If offers fixed-cost motoring.
- If you choose, you have the benefit of taking ownership of the vehicle once you have made your last payment, affording you the advantage of resale value.
Along with your full maintenance lease, you may choose to include optional features like Take-A-Break payment and Financial Shock Absorber; several warranty and insurance options are available as well:
- A warranty on the vehicle
- Customer Protection Plan
- Cover Plus
- Motor Comprehensive Insurance
A full maintenance lease may prove ideal for you if it is important for you to have fixed maintenance costs; if the goods in your business depreciate very rapidly and require frequent replacement; and if you want to use expensive items but you do not necessarily wish to buy them.
A full maintenance rental agreement does not differ a lot from a normal rental but it does have the added benefit of being inclusive of vehicle maintenance. The period may range from six to sixty months, but a 54-month limit is imposed for private use. Value-Added Tax is charged monthly; not on the full amount at inception. The interest is calculated at prime-linked or fixed rates and the goods has to be comprehensively insured for the full duration of the agreement.
These are the main benefits of a full maintenance rental:
- Certain tax benefits apply when you use the vehicle for business.
- It allows fixed-cost motoring, save for fuel and top-up oil and – in certain cases – tyres.
- You have the option of arranging to take ownership of the vehicle, in which case you will benefit from its resale value.
- Advanced rentals, the repayment period and residuals are negotiable.
Certain optional features are once again offered, including Take-A-Break Payment and Financial Shock Absorber, as well as the same warranty options as the full maintenance lease mentioned earlier. The full maintenance rental is ideal for the same reasons as the full maintenance lease.
Unlike a lease or rental, you actually buy the vehicle and full ownership transfers to you automatically upon paying the last instalment if you opt for the instalment sale agreement. A wider range of repayment period are possible, from six right up to 72 months for business use (the usual 54-month limit applies for private use). In case of private use, a minimum deposit of ten percent is required; interest is calculated at either prime-linked or fixed rates; and the vehicle must be comprehensively insured for the full duration of the agreement.
These are the benefits of an instalment sale agreement:
- Ownership of the vehicle passes to you once you have paid the final instalment.
- You enjoy the full benefit of resale value.
- If the vehicle is used for business, you can claim the annual interest paid against tax, as well as the depreciation.
- Deposit amounts are payable, depending on the current legislation.
The same insurance and warranty options are available as in the case of the previous types of agreements. Obviously, the instalment sale is the best option for someone who wishes to own the vehicle at the end of the agreement.
The lease agreement allows you to use the vehicle for an agreed period, during which time rental is paid. At the end of the term, you have three options:
- Return the vehicle.
- Acquire ownership of the vehicle.
- Extend the lease.
Lease periods range from six to sixty months for business use; the vehicle has to be comprehensively insured for the entire agreement period and interest is calculated at prime-linked or fixed rates. A lease makes the most sense if you are using the vehicle for business or to generate income, in which case the following benefits apply:
- You do not have to own the vehicle to use it.
- A rental can be claimed as an expense against tax.
- You avoid tying up your working capital.
- You can still arrange to take ownership of the vehicle, in which case you will benefit from its resale value.
- Balloon rentals, stepped payments and other structures can be customised to your requirements.
The same optional features and insurance/warranty products mentioned earlier are available on lease agreements too. The lease agreement will best suit you if you want fixed maintenance costs; if the goods in your business depreciate very rapidly and has to be replaced frequently; and if you want to use expensive items that you do not necessarily want to purchase.
The last type of agreement under discussion is the rental agreement. Like a house rental, you pay a monthly rental that is calculated at an agreed interest rate and you have uninterrupted use of the vehicle. At the end of the repayment term, you can elect to return the vehicle or you can arrange to take ownership, subject to certain terms and conditions. A rental agreements is different to other types of agreements in that VAT is calculated and charged monthly, instead of on the full amount at inception.
Periods range from twelve to sixty months, with the usual 54-month limitation for private use; interest is calculated on prime-linked or fixed rates and the vehicle must be comprehensively insured for the duration of the agreement.
Benefits, in short, include:
- Being able to claim VAT and rentals monthly against tax if the vehicle is used for business.
- Immediate use of the vehicle without having to have saved the full amount.
- Arranging of ownership at any stage, even though you do not own the vehicle while renting it; in which case you stand to gain from its potential resale value.
- Both the repayment period and deposit can be tailored to suit you.
All the normal optional features and insurance/warranty options are available on a rental agreement too. The rental agreement is perfect for the business owner who wants to own the vehicle at the end of the agreement.
Physical Address: Wesbank, Enterprise Road, Fairland, 2170
Telephone: 011 632 6000
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