Compare the best loans of South Africa and find the lowest rate
Do you have an established family and you need to travel? Are you single and you love to go on four wheels? Good job! This is the article you have been looking for. First National Bank was founded in 1838 with the objective of providing financial support to most South African people. As there are many needs as citizens, the bank has a wide variety of services available. Among them, it is possible to highlight the system of lending programs.
Within an array of loans, there is one that is at the forefront: auto loans. No matter what kind of car you prefer or what model you want, First National Bank has the most convenient programs to take advantage of. In fact, in this article, we will show which are the features of vehicle loans. What is more, you will get data about rates, financing periods and even possible quotes to pay. We will also include data to accelerate application process and locations of the bank so as to have access to the programs.
First National Bank has classified its loans into three different programs that are described as follows:
1. Dealership finance
If you choose to buy a vehicle of 10 years or more, you can do it from a dealership and get a loan of up to R30000. There are either fixed or variable interest rates.
2. Private vehicle finance
In this case, you can buy vehicles of up to 20 years old whose value is R30000 after deposit. Application can be approved in less than 30 minutes.
3. Leisure finance
Fortunately, there are also programs to finance the purchase of caravans, boats, motorbikes and other vehicle that can be used to relax. There are credits of up to R30000 to buy from private sellers with competitive interest rates.
Before starting application, please try to have all the following documents and meet the all these requirements. As far as papers are concerned, you have to prove income with your last three pay slips. The minimum wage should be of R6000. Besides, you need your ID card to guarantee that you are older than 18 and your driving license. It is not compulsory for clients to be South African’s citizens. In case you are a foreigner, you will need a valid passport and an international driving licence. It is important to know that refugees are not eligible for this kind of loans.
Generally speaking, the lending programs that First National Bank has created to finance vehicle purchase can be used to finance cars, boats, motorbikes and even more. What is more, they can be bought from private sellers or dealers. When it comes to financing, interest rates vary from 7% to 20%. And you will have up to 20 years to pay for principals and interest.
Let’s take a look at concrete examples to see how rates and financing work to establish possible quotes:
*Let's talk about a car whose value is R57000. You can choose a 4-year financing term to pay for that money with interest rates of approximately 12%. Therefore, you will be required to pay 48 monthly quotes of near R1500.
*Imagine now that you just need R45000 to buy your vehicle. You can choose to make a first deposit of R15000 and pay the rest –R30000– in four years. With this figures, you can ask for rate of near 10%. As a result, you will have to make a balloon payment of 10%, which means R3000 and 48 payments of 428. Don’t forget that you have initiation fees of R1197 and a minimum monthly fee of R68.
*You can also make a calculation with a lower amount: R20000. If you make a deposit of R1000 you can choose a period of 6 years of financing. You will be required to pay the 6% of the loan as balloon payment, which means R1200. As a result, payments will be near 500 rands for 72 months. There are also extra initiation fees of near R1197 and monthly fees of near R68.
Now you have read about details and possible quotes, let’s take a look at how you can have access to the programs:
-If you prefer attention IN PERSON, you can visit any of the myriad offices that FNB has scattered in the country. As an example, one of them can be found in the Bank City of Johannesburg. You can call this branch by phone in the same office hours dialing up 11 688 9900.
-You can also start application ONLINE. By means of the official website, you can choose the loan you want and start application really easy. And, you can send e-mails to firstname.lastname@example.org.
-In case you are in search of more personalized support, please take into account PHONE ASSISTANCE. Once you have decided how are you going to finance you vehicle, you can dial up 0861 40 40 40 and start application.
To conclude, if you are thinking about how to get a means of transport, First National Bank has a wide variety of options so as to help South African’s citizens to get the kind of vehicle they want, such as cars, trucks, boats and even more. Besides, there are many options that are currently available to facilitate the access such programs. Don’t deal with money problem, get a car in an easy way and start enjoying it.