We encourage consumers to understand the factors that influence the car buying journey, from various financing options and the cost of owning and maintaining a vehicle,” says WesBank Head of Motor, Ghana Msibi. “It’s also important to maintain a good credit history as this is a large contributing factor to receiving finance from banking institutions.”
Research, research and research
It’s important to research the various car models available using your financial circumstances for initial budget guidelines. The South African market features a particularly large variety of entry-level options, so it’s essential to investigate as much about your future wheels as possible before signing on the dotted line. This includes assessing the fuel consumption of the possible vehicle, insurance costs and the price of potentially expensive maintenance items such as replacement tyres. It’s also highly advisable to do business with reputable bank-approved dealers.
Have the required documentation
Without a valid driver’s license, no dealer or bank can finance a car, so it’s important to have a valid driver’s license prior to buying your car. Upon applying for your vehicle loan, a dealer will also request a payslip together with three months bank statements as proof of income. These, among other documents, are used to determine the finance amount the bank can offer you based on your income and expenses.