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Are There Vehicle Loans Available in African Bank? Quotes, Requirements and Addresses

Is African Bank what comes to your mind when thinking about financial help? Good job, this is a really affordable option. African Bank has been in the South African for many years financially helping its citizens. Among the many services provided, it has convenient vehicle loan. Read here about how it is possible to pay for a car loan as well as data about requirements and contact information.

                African Bank doesn’t have exclusive car loans, but it offers programs that lend money that you can use to buy whatever you need, even vehicles. The programs are described as follows:

a. Personal loans:  with personal loans, you will be able to finance vacations, home improvements, educations and of course, vehicle. It doesn’t matter if you want a new or second hand car, it all depends on your choices. These programs lend from 500 to 200 000 rands! You can finance the money with rates that can be either fixed or variable. Please bear in mind that they from 10% to 28%. Terms can also be adapted to your needs, but you will choose periods that last from 3 to 72 months.

b. The 15% loans: these are special programs that give benefits to good payers. As far as amount of money are concerned, you can borrow from a minimum of R5000 to a maximum of R50000. Benefits start when you pay the 15% of the total loan. In fact, you will be able to ask for fixed interest rates which guarantee stable payments. Financing terms can be as short as 6 months and as long as 36 months. It is important to know that you can apply for more than one loan at the same time.

                We know that sometimes, it is rather difficult to calculate payments when it comes to installments with interests. In order to make this process easier, we will show you an examples of estimated payment for a loan of R20 000 to buy the car you have dreamed about. Imagine that you want to pay the whole loan in one year. As this is the shortest period, you will be eligible for the lowest interest rates: 10%. Therefore, you will have to make a total of 120 payments of approximately R2 050. You also have to consider that there is an origination fee to pay for an amount of R1 197. The total sum of money that you will pay once the loan in cancelled is R24 588.

Which are the requirements to meet for African Bank loans?

                There are some basic conditions that should be taken into account before starting application. First, you have to be of full age and bring you ID with you. Secondly, you will be required the three last pay slips so as to check how much your income is. And finally, you will need a utility invoice to prove where you live.

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                There follows a list with some locations of African Bank that you can visit to apply for a loan to finance car purchase:

1. In Johanessburg: African Bank is in the area of Braamfontein, exactly at Jorissen Street. You can go personally to start application or representatives are also available by phone calling 11 403 4797 in the same office hours.

2. In Bloemfontein: in the CBD, there is a branch at 114 Charlotte Maxeke Steet. In case you want to contact the branch by phone, please deal up 51 430 3787.

3. In Randburg: you can find an office at 32 Oak Ave.  The exclusive telephone number is 11 326 1310.

4. In Randfontein: there is an African Bank office in Wimpy Building. The exact location is 68 Main Reef Road.  The number for phone calls is 27 11 692 2012.

5. In Alberton: African Bank has a branch in the Newmarket Mall. It can be found in the corner of 6 Heidelberg Road and Ring Road East. Office hours depend on the shopping timetable. In case you want to call representatives, please take this number into account: 11 724 0060.

6. In Midrand: a branch can be located at 59 16th Rd, Halfway House Estate. If you live near this office, please visit it from Monday to Friday from 8a.m. to 5p.m. Remember that its doors are closed at weekends. In the same timetable, you can contact it by phone calling 11 256 9000.

                In addition to visit offices in person, there are other ways to borrow money from African Bank and they are by phone and via internet. In case you prefer telephone assistance, you can dial up 011 256 9073 and demand more data about the lending programs or just to start application. For those don’t need personalized attention, there is a complete webpage available.  You can select the loan that seems to meet your need and click on Apply online. What is more, in case of questions, you can write e-mails 

                All in all, getting a new car is not an impossible goal. It is actually an easy process if you can count on the help of  African Bank. Don’t hesitate to get your loan as soon as possible so as to avoid postponing dreams.

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Questions and answers

Can I apply for personal loan, and when it is approved, break it into two and make it a consolidation and a personal loan instead of a personal loan?

This is an operation that may not be possible at African Bank. Consolidation loans are used when you have more than one loan and you want to unify them all into a single loan. The bank can provide you with a consolidation loan if that is your case. Another possibility is to access a personal loan.

I applied for a loan and I am told I qualify for R5000, whereas I wanted R50000 to buy a car. My salary after deduction is R7050... I Wanna know if I qualify for R50000... thanks in advance

At African Bank, you can apply for personal loanz that reach up to R250000 and you can access flexible terms. In order to find out whether you qualify, the bank will take into account your credit record and your financial condition or current situation. Through your application, the bank will be able to determine if you can get R50000.

My question relates to vehicle financing. Does African Bank provide vehicle financing to prospective customers?

Vehicle finance is not a loan product African Bank offers to any customer. Personal loans are the only kind of loan you can take advantage of at this entity, whether you’re an existing or a prospective customer. Your best shot at African Bank is to obtain a personal loan and use that money to pay for the vehicle you need to buy.

What are the options to make the monthly payments?

African Bank has thought about this and, has tried to give their customers the best payment experience they can. That’s why, they’ve come across few alternatives. The easiest is to set debit orders but, you can also go for payroll deductions. In any case, the due date will be the very first day of each month.

Can this bank buy me a second hand toyota quantum of r85000-r100000?

African Bank won’t buy the car for you as, they don’t offer such service. If you want to, you can arrange with the seller of that car and ask African Bank to lend you a personal loan to pay for it. The good news is that this company’s maximum loan amount to grant is 250.000 rands so, it’s more than enough to get the car you need.

Hi, I would like to apply for an African Bank loan, how much is the maximum amount? Thank you

There are two loan amount alternatives at African Bank. For personal and consolidation loans, you might get R250.000 or less. But, there’s a special loan option called de 15 % loan. This alternative’s loan amount is just R 50.000. The terms on each case is also different. In the first case, you’ll cancel the debt between 7 and 72 months and, in the second case, between a year and a year and a half.

Hi. I would like to get car finance. How do I apply?

Even though African Bank doesn’t finance the purchase of vehicles, you can take a personal loan to pay for it. If you decide to do it, you need to start by getting your documents ready to submit. Those documents are meant to prove who you are, how much money you earn and, where do you live.

I’m still paying for an African Bank loan. But, I want to know if they can borrow me money to buy car

They can lend you money for you to finance your vehicle but, assuming, to start, you receive sufficient income to pay for both loans. This means, they will try to check you won’t neglect any of your payments. To do that, clearly, they need you to submit your financial information again as, it should be up to date information.

I would be interested in the bank giving me a quotation for car financing- r179 950

This bank does not offer car financing but, you can try to get a personal loan high enough to pay for your new car. By doing this, all you’ll have from African Bank is the funds to buy a vehicle but, you will have to look for the car yourself and to make all the arrangements needed with the dealer.

I would like to ask about cars. I want to buy a second hand car. What can I do?

For second hand cars, you have few alternatives to choose form. As these cars are less expensive, a personal loan may fit such cost. But, you can also check Nedbank or Standard Bank to check what are their alternatives when it comes to get a car. You will probably have to leave that car as guarantee of the loan.

Can I apply for a loan as I earn r8000 a month but don’t get pay slips? I do get bank statements

It is not completely impossible for you to get a loan but, you may have fewer options. One of your best choices is to apply at FNB as, they will be willing to accept your loan application even if you can’t submit pay slips. In your case, they will request you to show your earnings from the previous 6 months. Of course, you’ll do this presenting bank statements.

Hi I have got 2loans and a credit card with African Bank. Do I qualify to get a vehicle finance from African Bank?

The first thing I have to point out is you should be careful to get deeply in debt. As you have 2 liabilities already, a 3rd loan must be handle with extreme care to avoid having financial troubles. A second point is to remind you, African Bank does not have vehicle loans among their products so, you can get that type of loan at another financial company.

Car u send African Bank loan options?

Sure! There are three main loan alternatives at African bank. There’s a loan that offers a fixed interest rate as low as 15 %. The loan amount can go as high as 50000rands. Then, they have an alternative to consolidate many debts or, a simple personal loan. These last options share the loan quote, R250000 and, the terms of 72 months top.

I am 19, can I apply for a loan?

Sure! The minimum age is 18.

Do I have to pay for origination fees?

Yes, there are extra origination fees.

How can I guarantee that payments will not change?

Please ask for fixed interest rates.

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