Calculate your Repayment Vehicle Finance with Nedbank

Calculate your Repayment Vehicle Finance with Nedbank

If you are thinking about buying a vehicle in South Africa, you might want to consider Nedbank’s car loans options. In this article, you will learn how to calculate your repayment vehicle finance with Nedbank and all the information you will need to finance your new car, like requirements, online applications, reviews, among other useful details.

How to take Advantage of Nedbank’s Car Loan Repayment Calculator?

Buying a car may be rather tricky. Luckily, Nedbank has two useful tools that you can take advantage of so as to know for sure that you are making a wise decision:

  • Nedbank finance affordability calculator

  • Nedbank vehicle loans calculator

When you start considering buying a valuable item, the first thing you should do is assessing if you would be able to afford it. Before jumping into any rush decision, careful consideration is in order. Nedbank offers this amazing tool that allows you to determine what kind of car you will be able to pay without causing any unnecessary hardship.

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Once you have decided the amount of money you can safely spend in your new car, you can benefit from Nedbank’s Car Loan Repayment Calculator. This is a tool which allows you to calculate how much you will pay per month for your new car depending on:

  • How much the car costs

  • The deposit you are able to pay

  • The amount of time you rather pay for your loan

What are the Requirements for Nedbank Vehicle Finance?

There are a number of requirements you should be able to satisfy in order to request Nedbank Vehicle Finance. These can be split into two categories: qualifications and documentation.

The first category includes:

  • Being eighteen years of age or more

  • Having a permanent job with a monthly wage of at least 6500 South African Rands

  • Holding a valid driving license free of driving offence

  • Being a resident of South Africa

  • Proof of good credit history   

The second category consists of:

  • Your South African ID

  • Your driving license

  • Certification of your wage

  • Certification proving you are a South African resident

You don’t need to provide the original documentation; a copy of your documents should suffice. Regarding the certification of your income, if you work as a salaried worker you will need to provide your pay stub. And bear in mind that both your income certification and your South African proof of residency should not be older than 3 months.

How to Apply for Nedbank Vehicle Finance Online?

Now that you know how to calculate your repayment and what you need to request a car loan you are ready to move forward. Modern life makes us rush all the time, we have so much to do and so little time to actually do it! Don’t worry. Nedbank has an online application for their vehicle finance. Easy-peasy. All you need to do is fill out the information they request on the application and follow the instructions.

Is there Pre-Approval for Nedbank Vehicle Finance?

Being pre-approved for a loan or vehicle finance means that after submitting the information requested by the financial institution, you were found to be eligible for the loan. This translates into less paperwork and shorter periods of time in your application. Nedbank does have this option for some of their products, such as their home loan, but, unfortunately this is not available in the case of their product line of car loans. Nevertheless, Nedbank’s online application is easy to use and should not cause you any inconvenience.

What are the Options to pay for Nedbank Vehicle Finance Interest Rate?

Nedbank offers two types of interest rate for their car loans. The first one is the linked-rate which means that the interest rate will vary if it changes over the term of your agreement. For instance, if the interest rate goes up, the amount you pay in your installments will increase as well. Conversely, if the interest rate goes down, the amount you have to pay is reduced. The second option is the fixed-rate; in this case the rate does not change over the duration of your agreement and you know how much it will be up until you pay off your loan.

Where can you Read Reviews about Nedbank Vehicle Finance in South Africa?

Reading about other clients’ experiences may be useful for you to decide if a kind of product is suitable for you or not, or if the company you are entrusting your money with is reputable and trustworthy. Some comments can be found in Nedbank’s Facebook page; however they are not specific to vehicle finance. Overall, clients’ opinions are good and those who request information or make claims find a positive answer from the bank. Although reviews may give you an idea of how this bank works you should bear in mind that this bank is one of the biggest banks in South Africa and that it has been active for over 130 years. Opinions may vary, and different people may have their own experiences; but the fact that this bank has been working for so long and that has had such a considerable growth over the last decade in South Africa should give you a clear indication that this institution is serious and professional. 

Is Acquiring Vehicle and other Assets with Nedbank Finance an Option?

If you want to consider growing your business and need to acquire vehicles or other assets such as equipment or properties, this product line might be just what you need. Nedbank offers a range of products for you to acquire vehicles and assets through different options. One option is to acquire a vehicle in installments. In this case the amount of money you need to deposit and the amount of time it will take you to pay off your loan will vary depending on several factors like if the vehicle is new or not, for instance. The other two options are to lease or to rent a vehicle. The difference lies in that in the former the VAT is incorporated in the main debt, and in the latter, the VAT is paid separately. Nedbank does not include a calculator for this kind of finance.

Our aim with this article was to show you how to calculate your car loan repayments with Nedbank and understand the requirements you need to satisfy if you wish to apply for this product. We have also discussed the possibility of applying for this Nedbank finance online and the reviews made by other clients about this bank as well as Nedbank’s reputation in South Africa.

Preguntas Frecuentes

Hi i want a car for r230000 so, how much can i pay for monthly installment? My salary per month is r11200

There’s more information needed to know the monthly installment for a particular loan. Nedbank, for example, needs to have your credit history and expenses along with your salary to establish a payment term you can cancel with no problem. Apart from that, the time you want to take to repay the money plays a key role on your installments.

Where can I find the calculator?

Inside the bank´s website

I’m interested on this car the amount of 100000

If you have already found the car you need, you can contact Nedbank to provide them with your information for them to let you know what are your options. Keep in mind, the number of instalments you choose will have an impact on the cost of the loan. For example, 18 instalments may have a cost of 6234 rands per months.

How much salary must I earn so that I can qualify for a car?

The minimum salary is stablished based on the vehicle value you want to acquire. You can use Nedbank calculator to find out which is the budget you can afford. After knowing how much money you can ask, you can start looking for a car that stays inside that budget. This way, you avoid buying a car too expensive for your finances.

Can I choose any type of car?

It depends on your income and possibilities

Hi I need nice and simple car from 20 to 40 thousands, my salary per month is 6200 how much car loan I can get from Nedbank. I work as a security agent and my last questions is what if lose my job are going to take my car?

The amount of money Nedbank will lend you, will be based on the expenses you have monthly, not only on your income. Those expenses include all kinds of expenditure for your children, food, clothing or credit card payments, among other. If we suppose you have R3582 on those expenses, you may afford a car price around R 54.194. However, I have to clarify, they ask the applicant to earn a minimum of R6500.

Earning r5000, can l get used car?

You need at least R6500 per month to qualify for a loan with Nedbank. Then, the approval will be granted as long as your overall finances and expenses allow it. You need to have in mind how much of your salary you spend per month and then, try to organize the money left to use it on the installments. Of course, if you need help, Nedbank’s online calculators can assist you on this.

Hi my name is William. I want to know about Nedbank car finance

Perfect! We can tell you that before starting, you can know your budget using the calculator. Also, if you already know the value of the car, you can find out your possible instalments. Having said that, Nedbank works with rates from 10 % to 13 % more or less and they have 96 instalments as top option to cancel the loan.

What exactly do the bank looks in clients when asking for car finance?

When trying to obtain a Car Finance with Nedbank, the main requirements of the bank will not only be of you to comply with the minimal wage required, but also choosing a car from a broker that has an agreement with the bank. Moreover, you must make sure that you have not applied for a previous car finance, so as to have more chances of being found eligible.

I want a car that costs r 120000 . How much ca you estimate on the monthly instalments?

In order to get an estimation of your installments we’ll suppose some information. Let’s say you choose to pay the loan in 12 instalments, you leave a deposit of R1000 and you get 13.25 % for the rate. With these terms, you need R 10702.30 every month for a year. Besides, Nedbank charges almost R70 on administration fee and you need to pay R 1207.50 just at the beginning as an initiation fee.

Can I get a second loan to finance a car obtained in the past?

No, the Vehicle or Car Loan of Nedban has as its biggest aim to finance a car you want to acquire, not a previous car However, you still have access to Consolidation Loans so as to pay for a debt you have acquired with another car. For consolidation please call on 0860 879 900

What if I can not continue paying for a loan?

You can have access to refinancing options

I need a loan to buy a send hand car, can you check on how much do I qualify for it, please?

If you use Nedbank Budget calculator, which can be used online, you can figure out the sum of money you can ask for. There, you’ll be asked to submit your net income and information about your normal expenses and other debts you may have and, the calculator will inform you about an estimate of how much can you borrow.

Can I have a loan r20000-r25000? Or can you buy me a house and car then I will pay as a loan?

Nedbank works issuing loans, which means, they borrow you the money you need to buy your car or your house and then, you pay the loan to Nedbank on installments. They have some options. For instance, you can choose to boy from a dealership or a private seller. As regards the amount you ask for, you need to check if your income and credit profile are enough to cover that sum of money.

How can I get a car? I’m working and I'm a permanent employer

So far, you meet an important requirement to get a vehicle, which is to be permanently employed. If you also live in South Africa and you’re at least 18 years old, all you need is to gather the documents to prove that. Lastly, for Nedbank, is important you earn a minimum wage of R6500. You can get online to apply for the loan in the simplest way.

I just wanted to know, I got pre approved but rejected in the end. Why? How can I find out or rectify the problem?

When you get pre approved, you are only half way the official approval of your loan. There may be some issue to solve before your loan is granted. I mean, the bank, in this case Nedbank, will take a first step to check the client has a regular income, lives in the country and is old enough. But, after that, they take care of the applicant’s credit profile to make sure they’re granted a loan to a responsible person. The problem may arise from a previous loan or debt you had or still have, for example. I advise you to call the company to get more information about the refusal.

What is your interest rate of r229000 for a car finance?

The rate that Nedbank states will be decided taking into account the terms you choose and your personal situation so, you’ll know for sure when you apply with them. The fact that you can choose between a fixed and a variable interest rate will, clearly, have an impact on the percentage you get. In the meantime, you can try to decide which of these 2 options prefer.

I just bought a car worth 144000 cash price but the bank ended up financing me with an amount close to 180000, is that possible, or is there something I did not understand? Please help

It’s common that the bank lends you a little more money than the car’s value. This is so because, when you take out a loan, the bank also adds some cost they need to cover. Either way, this detail must be clarified form the very beginning so as the client to know exactly how the loan will work and accept it consciously.

I want to buy a car for the family

You’ve reached the perfect place to do that! Nedbank has some interesting financial products to get a new vehicle. To start, if you have a job and is permanent, you live in SA and you earn R 6500 or more, you can start your online application. You can choose two ways: one way is to find out your budget first and, the other is to find out how much you’ll pay on each instalments. This, of course, depends on if you already have a car in mind or not yet.

I want a car

If Nedbank is a valid alternative to get the car you want, you can get in contact with them to get proper assistance over their vehicle loans. You will, then, choose which loan term is right for your finances. You will find out easily they have many options to cover any kind of purchase you want to mane.

Hi. Can I apply for a car loan by myself? I need a car worth 60k, the dealership told me that u can go to apply by yourself because their's a possible to bank refused to approved my car loan and the told me bank approved a car loan worths 120k upwards is that true?

With Nedbak, you can finance a car loan either if you are buying from a dealer or a private seller. With this bank you have to finance at least R 50,000. In order to request this loan you will have to show the bank your ID, driving license, payslips and bank statements.

I want to buy a car, what must i do, apply for loan or i must first find a car?

If you are buying from a dealership, you will first need to apply for a loan at Nedbank. You can do this online or by phone, and while you are in the application process you will be offered a list of the dealerships that Nedbank works with so that you can choose the one you want.

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