What is Car Finance?
Car finance refers to the various financial products which allow someone to acquire a car, including car loans and leases.
Best Bank For Car Finance In South Africa
- Wesbank.
- FNB.
- Absa.
- Standard Bank.
- Motor Finance Corporation.
How to get car finance in South Africa?
Apply for finance
- be 18 years old or older.
- be a permanently employed salaried individual, earning a minimum salary of R6500 pm.
- have a valid South African driver’s license with no endorsements.
- be a South African citizen or permanent resident; and.
- have a good credit history.
What is the minimum salary to qualify for car finance in South Africa?
When looking at the requirements for a finance agreement between a buyer and MFC, it is rather simple, the applicant must be 18 years or older, must be a permanently employed salaried worker earning a minimum of R6 500 per month, have a valid driving license, be a South African citizen or permanent resident
How does vehicle finance work in South Africa?
Vehicle finance is a loan you take out to buy a car. The bank pays the dealer in full on your behalf, then you pay back the loan with interest in monthly installments over an agreed term – usually, between 12 and 72 months, although it can be longer in certain cases.
How much is car finance in South Africa?
As it stands, the current interest rate on vehicle finance in South Africa is sitting at 7 – 8%. It can increase or decrease depending on your credit score, and if you decide to settle for a balloon payment or not.