So, you are finally considering upgrading from public transport to a more convenient way of being mobile and moving around, and you don’t quite have the full amount needed to purchase your car. Well, lucky for you, in South Africa, there are a lot of reputable and respected financial services providers that offer vehicle financing options and packages that suit your wallet. However, in this ever-evolving world, applying for vehicle finance may be very simple at the touch of a button. In this article, we will take a look at your vehicle financing options, how you can apply for vehicle finance online, and the benefits of vehicle finance on your bank balance.
Vehicle Finance, Explained
You’ve heard many car owners tell you that one of the most important and beneficial things you can ever do is to save up for a deposit when you want to buy a car. It is recommended that you save up a large amount of money so that you can have reduced monthly premiums to pay for your car. This also helps you get an insurance package that you can afford because your car’s monthly payment is less. But, if you happen to not have saved enough money for a deposit you would have liked to put down, there’s no need to worry. Financial service providers offer financial assistance options such as vehicle finance and graduate finance (which helps recent graduates get financial assistance). What vehicle finance basically does is pay for your car, and you will be indebted to the financial institution/service provider that paid for your car. You and the institution will agree on a monthly premium that is comfortable for you and will supplement your car payment. Plus, most financial service providers such as WesBank and the likes have applications (check the WesBank App) for you to manage your account, apply for vehicle finance, calculate how much you will have to repay should you take out vehicle finance, speak and connect to consultants, and so much more.
How A Vehicle Application Works
By now, you must be aware of the fact that you need to apply in order to be considered for vehicle finance, or any kind of financial aid for that matter. And with this ever-evolving digital world coupled with the little to no human contact that is encouraged due to the pandemic, you are aware you may need to make your application online. How does it work? Pretty easy if you are using a reputable financial services provider as well as a respectable car dealership to buy your car. We mention car dealerships because some South Africans prefer buying second-hand cars as opposed to brand new ones, as pre-owned cars are often more affordable.
You will visit the website of the financial service provider you are interested in loaning from. We will use WesBank as an example as it is one of the top financial services providers most South Africans trust. So, this is how a typical application with WesBank will go:
- You would visit the website (www.wesbank.co.za)
- Once in, you go to ‘personal’, and if you are a recent graduate, click ‘graduate finance’ or go to ‘vehicle finance’ if grad years are way behind you
- From there, you will get asked if you are buying from a dealership, private seller or an auction
- Then you will calculate your repayment
- Once that’s done, you proceed to apply.
Depending on the number of applications in the system, as well as when you submit yours, you could get a response the same day or the following day. From there, you will be told if you qualify for vehicle finance and what documents you’ll need to submit to complete your application. Sounds easy, right? That’s because financial services providers know how tedious these processes can be and want to give you as much convenience as possible. Always remember; all calculations made on calculators supplied on these sites, together with rates quoted, are guidelines only and are subject to confirmation at the time of finalising any transactions.
Perks Of Financing
Vehicle finance is beneficial to you if you are looking to buy a car but do not have the cash upfront. It also offers you an opportunity to gradually pay off your car with a constant premium that will be affordable to your bank balance and lifestyle. Do you feel like you are able to fulfil your end of the bargain by paying off your premiums? Then vehicle finance is for you. Vehicle finance is great because you can also pay more for your premiums if you have more money, which will lower your duration, and you’ll pay your car off sooner than expected.
Final Thoughts
If you are buying a car and feel like your finances need a boost, you know where to go. Arm yourself with lots of research, and do not be afraid to ask your financial services provider questions; your car dealership salesman too. No question is wrong when you are looking for your set of wheels. Do not forget to also consider taking up insurance and calculating how much your premiums will be so that you know what to expect on a monthly basis. You deserve peace of mind through your driving experience, and we hope this article has given you some clarity on all things vehicle finance.
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