Compare the best loans of South Africa and find the lowest rate
One of the main worries a person can experience is trying to finance an asset very valuable as a vehicle. So, if you are looking for a good way to start your vehicle finance, you have arrived to the right place. Standard Bank offers different alternatives in order to purchase the vehicle of your dreams.
In this article, I will give you information regarding the vehicle finance Standard Bank offers to its clients, which also allows you to finance another type of vehicles, not just cars. Then, I will show you how the calculator works in order to see what is your vehicle affordability and how each monthly payment consists of.
Standard Bank has developed their program “Vehicle and Asset Loan”, which allows clients to purchase the car of their dreams without complications. In fact, this client can have access to other type of assets through this loan.
Now, the amount of money the bank can grant you will totally depend on the asset you wish to acquire. And, the financing terms will also depend on your income and your asset.
One of the requirements for this loan is that you create an account with the bank, which is called “Access Finance” and the bank will ask you to make deposits in cash in order to end up paying less interests at the end of the loan.
Standard Bank proposes two choices: Instalment Sale and Financial Sale
If you choose an Instalment Sale, you have the chance of purchasing a vehicle or any other type of valuable asset and finance it in a fixed period of time chosen by you.
If you choose a Financial Sale that means you have the possibility of driving a vehicle at the same time you are financing it. Then, the moment you end the financing you can choose to keep the car or sell it.
Let’s see in detail each type of sale and their features:
-The client can buy the automobile he wants and pay for it in the settled period with the bank
-Each payment is decided together with the bank´s representatives
-You have the chance of making deposits in order to reduce the amount of money you pay for the loan. So, you will be saving money
-Interest rates can be either fixed or variable
-If you choose to buy a new car, you can finance it in a maximum of 84 months
-If you choose to buy a second hand car, you have up to 72 months in order to complete its financing
-You need to pay for an insurance if you want to obtain this loan
-The moment you finish paying for this loan the vehicle is yours
-There exist penalties whenever you don’t comply with the payments on time
-You can make use of a car and then once you finish paying for it you can decide to own it or give it to someone else
-Interest rates are variable or fixed
-Each deposit you make will be determined by the bank
-As it happens with the previous option, you can make additional deposits of money in order to save money at the end of the loan
-More than four years to finance a new car
-Up to three years in order to finance a used car
-You always have the chance of giving the vehicle to the bank and sell it to another person
-You can increase the period of time set in the agreement with Standard Bank, if you need more time to complete the financing
-You will need to pay for the bank´s Comprehensive Insurance so as to stay protected
-You will need to pay penalties whenever the loan you have been granted corresponds to more than R 250 000
Standard Bank´s calculator and an example
In order to know whether you are able to purchase the vehicle you want, you need to use the bank´s calculator. It is found in the bank´s webpage. There, you will be asked information such as your monthly expenses and your monthly income. For instance, if you earn R 5000 a month and your expenses are of R 3000, you will be able to pay each month R 2000.
Now, you need to bear in mind that the calculator you find in the bank´s website is just an approximation and an indicator of your affordability.
Contact details of Standard Bank
One of its offices is located at 32 Voortrekker Road, New Redruth, Alberton, Ekurhuleni, 1449, South Africa. You can call their representatives before visiting the branch, by dialing up this number: 27 860 123 000. This office opens Mondays to Fridays from 9:00 am to 4 in the afternoon. It is not open during Saturdays.
There is another physical branch atLanddros Mare St, Polokwane, 0600, South Africa. You can call there by phoning on 27 11 299 4701. It is open Mondays to Fridays from 9 in the morning to 4 in the afternoon.
The moment you enter their official website, you have access to all the information regarding their lending programs, accounts and insurances. You can also start an application and use their calculator in order to find whether you can afford their vehicle finance loans.
You can phone the bank if you have questions to ask their consultants. So, please use this number: 0860 123 000 . This a free line, which functions 24/7 and can be used by clients and non-clients that want to start operating with Standard Bank so as to obtain their lending programs.
To conclude, financing the vehicle of your dreams is quite simple and affordable thanks to the help Standard Bank provides you with their two options: Financial Sale and Instalment Sale. Pay attention to their features and choose the one that will favor you the most, I guarantee you this company will change the way you finance your assets!