The Procedures to Apply for a Car Finance Loan Online

Can car loan be applied online?

You can apply for Car Loans online and offline. Let us assess the benefits of applying for a Car Loan online and check how it compares to offline applications. The convenience: A significant advantage of applying for Car Loans online is that you can easily compare the various lenders.

What are my vehicle financing options?

When deciding on how you’re going to pay for your new vehicle, think about what your plans are for it, what your financial goals are and how paying for it is going to fit into your lifestyle.

• An instalment sale helps you buy the vehicle with monthly payments. You get a personalized interest rate and you decide over what period (up to 84 months) you want to repay the loan.
• A financial lease lets you use the vehicle as your own, without owning it. You pay monthly instalments over a specified repayment period (up to 84 months), and once the lease is up, you have the option of owning or returning it.

Furthermore, you  will need* your South African ID, a valid driver’s license, 3 months’ payslips or bank statements, and proof of residence.

Which banks offer car finance South Africa?

Here’s a list of the best car loan providers in South Africa.

• Wesbank.
• FNB.
• Absa.
• Standard Bank.
• Motor Finance Corporation.

How long does a car finance application take in South Africa?

Generally, final approval can take anything between three hours and three days. This depends on whether you provide all the correct documents that your vehicle finance provider requires.  These documents typically include:

• A copy of your South African identity card or document.
• A copy of the front and back of your South African driving license.
• Proof of your income that’s not older than three months.
• Three months’ payslips if you earn a salary, and, if you earn commission, you will additionally need stamped copies of your latest three months’ bank statements. Internet bank statements will not be accepted.
• Proof of residence, such as a utility bill, that’s not older than three months.