Wesbank is one of the major banks in South Africa. Wesbank can offer you a vehicle loan service with manageable monthly repayments over a set loan term. There are three common ways to obtain a car and those are through a dealership, a private seller, or an auction house.
A dealership can be your best choice when buying a new car. They’ll provide you with all the info needed for a worry-free transaction.
Here’s a short guide on how you can buy a car through Wesbank Vehicle Finance.
- Check what you can afford
To identify the right vehicle for you, use the Wesbank Vehicle Repayment Calculator. This tool will assess your affordability based on your regular, disposable income so you can see if you can manage the monthly repayments.
- Find a car
Vehicle listings online are some of the best places to look for a vehicle to purchase. You’ll find a variety of options and types of sellers that will fit your preference and convenience.
Wesbank Vehicle Finance can be used to buy cars from different types of sellers, including dealerships, private sellers, and auction houses, so long as the car purchase price is at least R30 000.
- Assess your chances of getting approved
See if you’re likely to get approved using the Personalised Affordability Tool. This tool considers your financial capacity and credit history to determine the chance of your application to get approved.
This tool is excellent for checking out your affordability for multiple cars. You can save each approval to your profile and just finalise the deal when you’re sure which vehicle to buy.
- Finalise the deal
When you’re ready to seal the deal, it’s time to pay fees and/or any remaining deposit you owe to the seller. Wesbank Vehicle Finance lets you sign the contract online for convenience. The bank will handle the rest so you can get the vehicle and drive it home.
You can view your profile online and take advantage of the various tools and value-added services Wesbank offer.
Wesbank Vehicle Finance also applies to private sellers wherein the bank facilitates the sale to make transactions more convenient and secure. Whether it’s a friend, a relative, a private individual, or business, Wesbank can be your go-between for a smoother sales process.
Here are the steps to purchase a vehicle from a private seller:
- Apply online
You can apply for Wesbank Vehicle Finance for cars sold for more than R30 000.
- Provide seller details
Talk to your seller that you want to use bank finance to pay for the vehicle. After this, give Wesbank the contact details of the seller. Wesbank will then confirm the details of the sale and sign the deal with them.
- Check roadworthy results
Get the results of the technical and roadworthy inspection of the vehicle. Wesbank goes beyond the usual test and inspection to make sure you’re getting a good deal. If you’re satisfied with what you see, confirm and proceed with the deal.
- Sign the contract
Sign and submit the finance contract online for a smoother hand-over.
- Collect the vehicle
Wesbank pays the full price to the seller, and you can now drive off in your new car. Wesbank highly recommends that you select a safe and secure location for the hand-over.
Auctions provide a great opportunity to buy a car for a much better price compared to other sellers. If you hit the jackpot, you’ll be paying at a great discount that you won’t get anywhere.
But there are fewer guarantees in auctions, so you must know what you’re doing to avoid being tricked. You can’t test-drive the vehicle, so there are limited ways to assess its performance and condition before you make a bid.
If you’re not familiar with the bidding process, here’s a brief guideline that will give you an idea of the system.
- Know how high you can bid. This will depend on your affordability when you apply for a Wesbank Vehicle Finance.
- Inspect the car by visiting the auction house prior to the bidding event.
- Check if you can register as an individual buyer or as a company. Follow the requirements of the auction house and submit your intent to bid.
During the auction
- Register as a buyer. Submit the required documents and pay the deposit needed.
- Look at the auction programme and take note of when the vehicle you want will be up for grabs.
- Raise your bid but beware of your budget.
After the bidding
- After winning the bid, you have 48 hours to make payments.
- Collect your vehicle release note.
- Get the keys and be ready to drive away in your new car.
- If you don’t have any idea about car auctions, attend as a spectator first to get a feel of how things go inside the house.
- Sellers aren’t obliged to repair the vehicle for any damage that may happen before, during, and after the auction.
- Expect to pay more than the bid price. Handling fees, taxes, and other charges will apply on top of your winning bid.
- When bidding for a vehicle, factor in the cost of repairs because you’ll most likely have to fix issues on the car.
- Sellers aren’t required to present roadworthy certificates.
- Vehicle license may be expired, so better check this first.
Wesbank has its own Auction Rules that you must follow for bidding. Non-compliance can forfeit your Wesbank Vehicle Finance application, so make sure you know all the rules.
To be eligible for a Wesbank Vehicle Finance, you must be at least:
- Over the age of 18
- A South African citizen or permanent resident
- Have a valid driver’s license
- Have an income of at least R7 500 a month
The documents that need to be submitted are:
- Copy of your valid ID
- Proof of residence from the past 3 months
- Three months’ worth of bank statement
- Proof of income, preferably a recent payslip
If you’re an existing Wesbank customer, you may not be required to submit these documents.
These are only the basic requirements for considering your loan application. Passing the criteria and submitting all the requirements don’t guarantee loan approval. Wesbank may require you to submit additional documents that will prove your financial capacity to manage a loan. Wesbank uses the above details to ensure you are able to meet the monthly payments over the loan period.
Wesbank Vehicle Finance Calculator
Before you make a bid or select the vehicle you want to purchase, check your affordability first. There are a number of online calculators you can use in order to calculate your monthly installment plan. Use the Wesbank Vehicle Finance Calculator to gauge how much you can afford. Learning about your budget will prevent you from getting over-indebted or bidding too high.
If you’re interested in getting vehicle finance, contact Wesbank for a smoother transaction.