Find the Best Car Loan at WesBank | How to Calculate Quotes
Are you browsing the web for information about car loans in South Africa? You’ve landed in the right place. Here we will help you find the best car loan at WesBank. We will show you how you can apply for a loan, what documents you will need, how to calculate your repayments, and much more! Stay with us and have your car loan ready to roll.
Does WesBank allow Submitting an Online Application for their Car Finance?
Before we move on to filling you in with all the info you will need for applying for this loan, let’s start by talking a little bit about WesBank. This company is part of the FirstRand Group. Ring a bell? Of course! The First National Bank also belongs to this group. Why we’re telling you this: because it’s super important to know who you are going to make a financial commitment to.
Now, let’s go back to the info you need about the car loan. With WesBank you can apply online by completing the requested information.
Where can I Find a Repayment Calculator for WesBank Vehicle Loan?
You’ve decided it’s time for you to buy a new car, but you need finance. It’s ok. Not everybody has the opportunity of having available cash to go and buy a brand new car. In fact, most of us need a hand.
WesBank has been providing vehicle loans in South Africa for over 40 years. Requesting a loan with a company with a history in the finance market is something that should make you feel safe.
If you got to this article because you want to know how much will you have to repay for your loan means that you are both responsible and wise. You don’t want to risk your financial security and that’s why you’re here. Great, we can help you. We invite you to use our loan calculator: here you will be able to find out an approximate amount of your repayments and the rates that you might get.
Remember, lending companies figure out which interest rate to give you after they run affordability checks on you. That is, they will look into your credit history. The better finance history you have, the better rates you will get.
What I need to Know about WesBank Vehicle Finance Process?
After you’ve analyzed if it’s going to be convenient for you to request a car loan, you are all set to start your finance process with WesBank.
Basically, you will have to either start your application process online, or by calling or visiting WesBank. Then, you will be requested to provide certain documents. The bank will check that all the information and documentation you submitted is accurate and trustworthy in order to assess if your loan will be approved. Also, affordability and credit history checks will be run at this point.
How long will it take WesBank to study your information may depend on your specific financial situation. However, this usually may last a week or more. Once this assessment is finished, you will be informed if your car loan was approved or not.
What are the Requirements and Qualifying Criteria for Vehicle Finance at WesBank?
All reputable lending companies have a number of qualifying criteria they need you to comply with in order to lend you money. They need to be sure you will be able to pay them back.
Wesbank has four general conditions you need to meet:
Being of legal age
Residing in South Africa
Completing WesBank forms
Having a regular income above R4000
If you meet these general conditions you’re ready to start collecting all the documentation you will be requested by the bank to back up your car loan application. Remember, you need to submit all the documents requested; no exceptions made.
Below, we will list the documents you’ll need to provide, but before we move on to that, there’s one thing we want to point out. In order to request vehicle funding in WesBank you need to be a resident of South Africa, that is, this loan is not restricted for South African individuals. So, if you are a foreign citizen, with no South African citizenship, but you do have a legal residency in our country, you will be able to apply for this loan.
South African ID or Passport and documentation proving you work and reside legally in South Africa
Latest pay stubs (3)
Documents proving your marital status
Documents proving your residency
Does WesBank Offer Vehicle Finance for Business?
If you own a business and want to be the top provider in your market, you must consider doing some investments. WesBank offers finance for business assets that might be the solution for you. If you wish to buy a vehicle or lease a fleet, you can consider WesBank as an option.
In order to start your online application with WesBank for business vehicle funding, you will need to have certain information:
Proof of registration of your company and VAT number
Information about your company bank account and bank statements
Details about your company contact information
Document specifying the names of your company’s Boards of Directors, members, and so on
Information of the vehicle you want to finance
You will have to upload these documents; note that this process might take you about 20 minutes to complete. After you submit your application, WesBank will assess your information and get back to you when they have a resolution.
Is there Car Finance for Graduates in WesBank?
Usually when you graduate from university you don’t have a credit history and this might come in between you and a car loan. Fortunately, WesBank has a solution for those recently graduated individuals who want to acquire a car.
With the car loan offered by WesBank to graduates you can either buy a new or a used car. There are some requirements, thought. Let’s see which they are:
You have to be younger than 31 years old
Having graduated no longer than 3 years ago
A driver license (valid)
Proof that you have a job where you earn more than R7500 every month
2 Things you Need to Know about WesBank Vehicle Finance Payment Holiday
It is advisable that you pay all your installments in a loan on time and that you don’t skip any of them. However, you may be going through bad times and are unable to meet all your obligations. Most banks offer a payment holiday that allows you to suspend your obligation to pay an installment.
In the case of WesBank:
1. You can suspend up to 1 month and pay for it the following month
2. You need to understand that there will be arrears in interest in your repayment
What do I do if I have Queries about WesBank Vehicle Finance?
If you have questions about the car loans provided by WesBank, don’t keep them to yourself: speak out. The more information you have on such an important matter, the better and wiser decision you will be able to make.
That’s why we’re here. You can leave us a comment or make any question you want, and we will try to help you with them ASAP. Remember there is no such thing as a silly question, so don’t hesitate to ask what you don’t know.
Does WesBank Car Finance have Positive Reviews?
This can be a tricky issue. Over the Internet you will find varied opinions: both positive and negative. We believe that a company that belongs to a well-known business group like the FirstRand Group is a good indication that this company is trustworthy.
Our advice is that you ask around within the people you know. Perhaps a colleague of yours, a friend, or a relative has already used WesBank services and can tell you all about it.
Also, make sure you read the comments left by other readers on this article to find out what they have to say about WesBank. Browse our articles related to WesBank to see if there are reviews or comments made by people who already applied for a car loan with this company. The community is here to help.
Can I get Car Finance with WesBank if I want to Make a Private Sale?
WesBank offer car finance from a variety of options. One of them is buying from a private seller. This means that you will buy a car from someone who wants to sell a car they own with no intermediaries.
In order to finance a car bought to a private seller, the amount of the car must be over R30000 and you must meet all the requirements mentioned above.
You can also buy a new or used car from a dealer, or from an auction. The latter may not be as safe as buying from a renowned dealer, but you might be able to find a much more affordable vehicle.
Asking for a car loan in South Africa is not an impossible task. Today we’ve shown you that WesBank is a great option since it offers solutions even for some people who are usually left out of car loans, such as graduates and non-South African citizens. We’ve discussed that this is a well-known company, partner of the First National Bank.
Questions and answers
Can I apply online?
Of course, in the bank´s website
What if I can not continue paying for the loan?
There are refinancing options
Do the interest rates fluctuate?
They are fixed
I obtained my first loan with this bank and it was great
Their car loans are really convenient
Interest rates are fixed which is awesome