What is MFC Finance?
Formerly known as Nedbank Vehicle Finance, MFC Finance is the second biggest vehicle financier in the retail market. A major part of their approach is to offer a cost-effective service using cutting-edge technology, product innovation and the efforts of highly skilled and motivated staff. With MFC Finance you can get a deal with any one of the over 2400 approved dealerships on their books.
To make the vehicle purchase process simpler, MFC has a number of calculators on its website. These calculators can be used to work out instalments to be paid.
What types of finance options are available from MFC Finance?
Instalment Sale Agreement– this offers you a financial facility to purchase a vehicle that is selected by you and is purchased by the bank. Individuals have 24 to 72 months to repay the loan. Ownership of the car automatically passes to you once you have repaid all the instalments. An early settlement option is available, so there are no penalties.
Balloon Payment Option– this allows you to pay lower instalments at the end of the month, but the catch is that you have to pay a lump sum payment at the end of the agreement period.
Rate Payment Options
More about MFC Finance Calculators:
Monthly instalment Calculator
This instalment is based on the vehicle price, the deposit you can afford to put down as well as the preferred repayment period.
How it works is that you fill in the following details:
Total Purchase/ Cash Price
The MFC Finance Calculator will work out an estimated figure for you.
Enter your monthly income after taxes and subtract your monthly expenses. Add additional expenses If necessary. The amount that is left over will give you an idea of how much leeway your budget gives you on a monthly basis.
Using the handy MFC Finance Calculator can be quite useful for when you’re working out how much you’ll be paying towards your car finance every month.