Nedbank Vehicle Finance – Nedbank and MFC (a Nedbank business that specializes in vehicle finance) offer low-interest loans to help the typical South African realize their ambition of owning a car. This is made possible by Nedbank’s goal of being South Africa’s most trusted bank.
MFC was formed when MFC and Nedbank Asset and Vehicle Finance merged. The Nedbank Vehicle Finance division is now able to give exceptional service as a result of the merger, as they now have the greatest resources.
MFC can help potential auto buyers acquire loans through their online finance application, over the phone, or in person by speaking with a Nedbank staff at any of their branches.
Nedbank Vehicle Finance Options available
Instalment Agreement
The instalment agreement option gives you the financial option of having the bank purchase the car of your choosing, whereby it sells to you over a set length of time at a set interest rate.
Balloon Payment Option
Reduced monthly payments are available with the balloon payment option, which also includes a lump sum payment (referred to as the balloon payment) at the end of the agreement period.
The maximum balloon facility is 35 percent, and it is determined by the vehicle’s year, make, and model, as well as the financing time.
You have the following alternatives at the end of the agreement period:
– You have the option of refinancing the balloon payment amount for a longer period of time. The following terms and conditions will apply.
– You have the option to sell the car.
– You have the option of paying the entire balloon payment and taking possession of the vehicle.
Rate Payment Options
MFC gives you the choice of choosing between two rate options:
Option with a linked rate
The linked-rate option allows you to take advantage of the possible benefits of changing interest rates. If the interest rate rises during the term of the agreement, your interest rate and, as a result, your repayments will rise as well. If the interest rate falls during the term of the arrangement, you will save money because your repayments will be reduced.
Option with a fixed rate
The fixed-rate option gives you peace of mind when it comes to interest rate fluctuations. Your repayments will not be affected if the interest rate rises throughout the agreement time, and your interest rate will remain unchanged.
Nedbank Vehicle Finance Steps and Requirements
The first step in applying for Nedbank Vehicle Finance is determining how much you can pay, which will include things like insurance and other costs. The second step is to find the car you want to buy after deciding how much you can afford.
You must complete the MFC Finance application form obtained from your dealer, as well as give a copy of your South African ID, driver’s license, and proof of income, such as the most recent three months’ payslips. You’ll also need to show proof of residency that is up to date.
Because financial talks take place at the dealership level, MFC will negotiate directly with the dealer on your behalf.
The dealer will contact you to finalize the legal documentation after your application has been approved and a purchase offer has been signed.
Read the MFC step-by-step guide at https://www.mfc.co.za/step-by-step-guide/ for further information.
Nedbank Vehicle Insurance
Whilst having a car provides you a tremendous sense of independence, it also comes with enormous financial burden when you get into an accident, your car breaks down, or your vehicle is stolen.
Nedbank vehicle insurance will assist you if any of these sad circumstances occur.
Advantages of Nedbank Vehicle Insurance
– Cars, trucks, vans, SUVs, 4x4s, motorcycles, boats, caravans, trailers, small watercraft, and other vehicles are all covered.
– You can select from a variety of options, ranging from full coverage to third-party coverage only.
– We have a variety of automobile rental alternatives to fit your demands and budget.
– Extras such as tyre-and-rim coverage and extended warranties are available.
– Home and roadside support services are provided.
Visit Nedbank’s Budget Calculator and Instalment Calculator
Nedbank Vehicle Finance Contact Details
For more information on how you can own your dream car through Nedbank Vehicle Finance you can visit their website or speak to their consultants at any of their nearest branches across the country.
NB: To use our loan calculator, go to this page
