Vehicle finance can be quite helpful when you can’t afford to buy a vehicle using cash. A number of financial institutions have special divisions which are dedicated to vehicle finance options. First National Bank (FNB) is one of the four major banking institutions in South Africa. Over a number of years, the bank has established a reputation as a trusted and reliable service provider.
One of the services FNB provides to its clients is vehicle finance.
Qualifying individuals are able to benefit from being able to purchase their dream cars without the stress or hassle of paying a lump sum for the vehicle. Through FNB vehicle finance, they are able to pay the cost of the vehicle off over a number of years at competitive interest rates and flexible terms.
Applying for vehicle finance from FNB requires individuals to fulfil certain criteria beforehand. The specific requirements are dependent on the type of FNB vehicle finance you are applying for.
Here’s a look at what you can expect:
This is tailor-made vehicle finance for vehicles up to 10 years old. FNB vehicle finance requirements for this particular type of finance include:
- Be permanently employed
- Be above the age of 18 years with a valid drivers’ licence
- Have a clear credit record
- Earn at least R6000 per month
- Proof of income (recent payslip or 3 months’ payslip if self-employed)
- Signed declaration in accordance with the National Credit Act
- Valid South African ID
- Valid South African drivers’ licence
- Proof of residence
Private Vehicle Finance:
This is finance for vehicles up to 20 years old. In addition to general documents including valid identification and a valid drivers’ licence, applicants will also need to produce proof of application for licensing of the motor vehicle. You will also need to produce an application for certification of roadworthiness, among other documents.
Leisure Vehicle Finance:
This finance is specifically designed for motorbikes, boats and classic cars. To find out more about FNB vehicle finance requirements, call FNB on: 0860 362 227
You can also simply visit their website here: www.fnb.co.za