Vehicle Finance

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Last updated 26 August 2015

Please note that the prime rate was adjusted in late July 2015 and our rates will be adjusted as soon as the banks make their new rates available.

Institution Absa
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FNB
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Investec
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MFC: A division of Nedbank
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Standard Bank
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Minimum Earning Criteria R 6,000 R 6,000 Meet Investec criteria R3,500 R 4,500
Age criteria (years) Over 18 Over 18 Meet Investec criteria Over 21 Over 18
Max age of car not older than 5 years Private Deal: not older than 10 years 5 years, neg Up to 10 year Not more than 4 years
Min value of car R75 000 (dealer), R40 000 (private sale) R 30,000 Negotiable R 40,000 R 40,000
Repayment Period Instalment sale:24 – 72 months 12 – 72 months (instalment sale) 12 – 60 months (business use) 60 months 24 – 72 months 12 – 60 months
Deposit required Instalment sale: deposit may be required Min of 10% for private or leisure use No No No
Interest rate Negotiable, linked to prime Fixed or variable, linked to prime (personalised ratesavailable) Up to prime less 2 Fixed or variable, linked to prime Fixed or variable, linked to prime
Instalment sale option Instalment Sale Agreement or Private Deal Instalment Sale or Private Deal Instalment Sale Instalment Sale Instalment Sale
Lease option Lease Lease Agreement Lease Agreement Lease Lease or Full Maintenance Lease
Rental option Rental None Currently not available as per the NCA Currently not available as per the NCA FinRent Consumer or Financial Rental (these services are offered thorugh a broker)
Initiation fee R 1,140 R 1,140 Dependant on loan amount R 1,140 R 1,140
Administration fee (per month) R 57 R 57 Dependant on loan amount R 57 R 57