Vehicle Finance Options
Instalment Sale Agreement
This option is ideal if you receive a car allowance and finance a car over a period of 60 months or more and want to own the vehicle at the end of the period, whereby ownership passes automatically after the final payment.
Depending on your credit rating, you may be permitted to structure a balloon payment into your repayment plan in order to reduce the monthly instalments.
Depending on your credit rating, you may be permitted to structure a balloon payment into your repayment plan in order to reduce the monthly instalments.
Finance Lease Agreement
This option is ideal for allowance receivers if you finance the car over a period of less than 60 months. It’s also ideal for anyone paying a deposit or including a balloon payment as part of the payment plan. You may elect to take ownership at the end of the car lease contract after making the final payment.
Operating Rental with Maintenance Plan
This option is ideal if you receive a travel allowance and want to use a vehicle for a specific period of time and distance rather than wanting ownership of a depreciating asset. It's much like hiring a car from a car hire company but for an extended period. This option generally provides the lowest cash outflow.Features and Benefits
DOCUMENTS REQUIRED FOR INDIVIDUAL APPLICATION
We Will need:
A Certified copy of the owners Id and a Certified copy of their water & lights account. With a certified letter stating that you are residing with them. (Please make sure the copys is stamped and signed by a commisioner of oath at a police station. Need 3 Copys?5) Latest 4 months bank statements (Bank logo and stamp on, no internet statements)
For approval in mean time sent the following documentation
- You only pay for the portion of depreciation that you agree to use.
- Ownership is possible but not obligatory, by settling the remaining capital including the residual value.
- VAT is not included in the purchase price and you only pay VAT on the portion you use.
- You are not at risk when selling the vehicle should the market value be lower than originally anticipated.
- An operating rental agreement includes a residual value (guaranteed resale value) held by the Finance Bank thereby reducing the monthly rental payable.
- A 'bolt-on' maintenance contract may be included to further eliminate any risk such as unforeseen repair bills.
- The main benefit is that you are able to fix all motoring costs with the exception of fuel expenses, assuming that the prime interest rate remain unchanged.
Vehicle Finance for Individuals
DOCUMENTS REQUIRED FOR INDIVIDUAL APPLICATION1) Personal application to be completed and sign both pages
2) Copy of SA ID ( On delivery 3 Police Certified copys’ of the Id
2) Copy of SA ID ( On delivery 3 Police Certified copys’ of the Id
3) Copy of valid SA drivers license On delivery 3 Police Certified copys’ of The drivers License
4) Proof of residence not older than 2 months if you don’t have a Water and Electricity account, or a VALID lease agreement in your name:
We Will need:
A Certified copy of the owners Id and a Certified copy of their water & lights account. With a certified letter stating that you are residing with them. (Please make sure the copys is stamped and signed by a commisioner of oath at a police station. Need 3 Copys?5) Latest 4 months bank statements (Bank logo and stamp on, no internet statements)
For approval in mean time sent the following documentation
Id
Drivers
Payslip (3 months if commision or overtime earner)3 Month internett bank statementsProof of residenceIf refinance copy of the natis and settlement letter
Vehicle Finance for a Company
What is needed?
- Ids of directors
- Drivers
- Proof of residence
- Ck documets
- Financials or 6 months bank statements/ Latest audited financialsIf you are married COP a copy of your spouse’s ID and marriage certificate are required as well. If your spouse is applying with you, we need exacly the same details from her. If you work on comission then your 4 most recent payslips will be required. Please note, Deposit must show in the account before any delivery will take place, and originals must be shown on delivery.
