Buying a new car is a common goal for many people. However with the inflation rate often outstripping annual salary hikes, not everyone can afford to. Fortunately there are quite a few options available for purchasing used vehicles in good condition. While buying a used car is usually limited to vehicles up to five years old, for many lenders, some individuals may require finance for vehicles slightly older than that, which are still in a decent condition. There aren’t many financial institutions that are open to providing finance for cars older than seven years. It doesn’t end there though- there are some who do offer this option.
First National Bank will consider applications if your vehicle is not older than 10 years and if you want to borrow at least R30 000. The bank does however insist that an FNB-approved testing station inspects the particular vehicle you are interested in.
Another banking institution that offers flexible vehicle finance solutions is Nedbank. The bank offers finance for vehicles up to 10 years old and provides finance for no less than R30 000.
Aside from these traditional lending institutions, there are a few other lenders who provide this specialised solution.
What documentation is required?
- Proof of income
- Your valid Identity Document
- Your valid Drivers’ Licence
- Proof of residence
- Application for certification of roadworthiness
- Application for licensing of motor vehicle
- Notification of change of ownership
With these offers for FNB and Nedbank, you can be assured of simple, fast and efficient solutions for both buyer and seller.