FREQUENTLY ASKED QUESTIONS
Q: WHAT DOCUMENTS ARE REQUIRED FOR THE APPLICATION?
A: ID; Drivers Licence; Latest Proof of Physical Address; Latest 3 Months Payslips; Latest 3 Months Bank Generated Bank Statements; Completed Finance Application.
Q: DO I NEED A DEPOSIT?
A: Since the inception of the National Credit Act a deposit is no longer an upfront requirement – however, each application is assessed individually and a deposit may/may not be requested by the relevant financial institution.
Q: HOW DOES THE INTEREST RATE WORK?
A: Once the application has been approved, you will be offered a linked interest rate with the option to request a fixed interest rate quotation. The linked/variable interest rate will fluctuate with the prime lending rate and therefore your monthly installment will also increase/decrease when the prime lending rate increases/decreases. The fixed interest rate option will leave your monthly installment the same for the term of the finance, regardless of the changes to the prime lending rate.
Q: HOW LONG WILL THE FINANCE TERM BE?
A: The common payment period options are 48, 60 & 72 months.
Q: WHAT IS A BALLOON PAYMENT?
A: A balloon payment is a final installment which is much larger than your ordinary monthly payments, and which you pay right at the end of your agreement. It allows your ordinary monthly installments to be smaller. The balloon amount is worked out at the beginning of your contract and is seen as a “future value”. Remember, the higher the balloon amount, the greater the interest that you’ll owe over the full agreement period.
Q: ONCE MY FINANCE IS APPROVED, WHAT DOCUMENTS WILL I NEED TO TAKE DELIVERY OF MY CAR?
A: Your original ID Book/Card, Original Drivers Licence and Original Latest Proof of Address. Proof of Comprehensive Insurance and any other documents as requested for at the approval stage.
“The way you handled my finance, meeting us, your friendliness and your way you communicate with your clients makes you a special person and, once again, the service was great indeed.”
Japie – Cape Town