Vehicle Finance from Nedbank – Buying a vehicle is very exciting and a big step in one’s life, whether the vehicle is being bought by parents or not. It is the time to bid farewell to public transport, a time to show off probably one’s most precious possession. Apart from choosing the right vehicle or dealership, one needs to get financing that will suit their needs.
It is important for people to know what they can afford before choosing the vehicle of their dreams. Thereafter the right financial institution must be approached. Motor Finance Corporation (MFC), a division of Nedbank, offers vehicle finance tailored to meet their clients’ needs. MFC also has a database of trusted dealerships which their clients can make use of.
Once a client has found the right dealership and vehicle, an MFC vehicle finance application form will be completed at the dealership. Clients must ensure that the vehicle is insured during the loan contract, Nedbank offers a range of insurance products that clients can choose from. Clients can also get an additional cover option to protect themselves and their assets.
There are a number of ways to finance a vehicle through MFC and clients can choose the option that is best suited for their financial goals and lifestyle. Instalment agreement offers clients a financial facility to select a vehicle which will be bought by the bank. The bank sells the vehicle to the client at an agreed interest rate. Deposit is subject to the client’s credit risk and repayment periods range from 24 to 72 months. Ownership is automatically passed onto the client once all instalments have been fully repaid.
The balloon payment option offers clients the benefit of repaying reduced monthly instalments, with a lump sum payable at the end of the agreement. Clients can also apply to refinance the balloon payment at the end of the agreement or sell the vehicle. MFC offers clients to choose between two rate options: linked-rate option where client’s interest is determined by market fluctuations and fixed-rate option where the client’s interest remains the same during the term of the agreement.
Clients should have a copy of their ID document, proof of residence, latest payslip and three months’ bank statements when applying for finance. For more details, clients can visit www.mfc.co.za or www.nedbank.co.za. Alternatively clients can call 0860 879 900 to speak to a consultant and get more information about Nedbank and MFC’s product offerings.