How Long Does Car Finance Approval Take in South Africa
What is car financing?
Car financing refers to financial products available for consumers to buy a car without the need to pay it with a full-cash single lump payment
How long does car finance approval take in South Africa?
After all the documents have been received and signed, it can take anything from two days to a week.
What is a good credit score to buy a car in South Africa?
A good credit score of between 670 and 739 is required to buy a car in South Africa.
How long does it take wesbank to approve vehicle finance?
Your pre-approved loan amount will be approved right away.
Who qualify for car finance in South Africa?
The person must:
1. Be 18 years old or older.
2. Be a permanently employed salaried individual, earning a minimum salary of R6500 pm.
3. Have a valid South African drivers license with no endorsements.
4. Be a South African citizen or permanent resident; and
5. Have a good credit history.
What documents are required to apply for car finance in South Africa?
1. A copy of your valid ID document
2. A copy of the front and back of your South African drivers license.
3. Proof of your income (a recent payslip) /3 months bank statements
4. Proof of residential address, not older than 3 months.
Which bank is best for vehicle finance in South Africa?
1. Wesbank Vehicle Finance.
2. Absa Vehicle Finance.
3. FNB Vehicle Finance.
4. Keitzman Vehicle Finance.
Can I apply for car finance without payslip in South Africa?
Providing your credit score or bank statements will allow you to apply for auto financing without a payslip.
