BUYING A NEW OR USED CAR

Buying a new car is probably the second biggest financial commitment you will make. To buy your car you will need to apply for vehicle finance. The success of your application will largely depend on your credit history. Financial institutions will review your credit record because they want to know if you will be able to keep up with your monthly instalments.

1: Decide on the type of vehicle that matches your lifestyle and budget. Keep in mind when determining you budget that generally car loans are payable over 3 to 5 years

2: Select a dealer with an excellent track record.

3: Make sure you understand the Offer to Purchase or the Invoice for the vehicle. It should include the retail price, optional extras, delivery costs, discounts, VAT

4: Now you will be in a position to determine affordability and the monthly instalments. If the car is in excess of R 75 000, new or used (maximum 3 years old), apply for vehicle finance online may be the easiest

5: Once finance is approved visit your dealer to make thorough inspection of your vehicle and take delivery. Make sure you have insurance, warranty and maintenance solutions to suit your needs.

CAR LOAN APPLICATION ONLINE

Once you have decided what vehicle you want to purchase and you have determined your affordability, the time has come for you to select the right finance plan for you.


1: If the car is in excess of R 75 000, new or used (maximum 3 years old), make sure you have an understanding of the vehicle finance options available to you.
2: Complete a vehicle finance application form online and get the following documentation ready:

Copy of your ID
Copy of your driver’s license
Proof of income
Proof of Residence, such as a utility bill.
Proof of insurance (This will only be required at contract signing).

3: Make sure you have insurance, warranty and maintenance solutions to suit your needs.
4: The time to sign the car loan agreement is now here. Before you sign ensure the car finance contract is explained to you.
5: You will receive a release note. This release note must be signed and provided to the Car Dealer before you can take delivery of your vehicle.