MFC Vehicle Finance - Get your Quote today and Apply
MFC is a division of one of the most important banks of South Africa: Nedbank. On this opportunity, we will show you the main characteristics of their vehicle finance. You will learn how to use their affordability calculator, how to apply online and what qualifying criteria you should meet. At the end of the article, we will discuss some reviews about this financial product and the contact details for you to communicate with MFC.
Is MFC Vehicle Finance Affordability Calculator Useful?
MFC has designed a budget calculator that allows you to see what amount of money or what type of car you can afford to buy. This application automatically calculates the number you can afford on the basis of information that you have to provide: how much you earn each month, if you pay rent, how much you spend for food, transportation, etc.
After you enter all the requested information that applies to your situation, you will find out the amount of money you can safely spend to buy a car. Doing this exercise is extremely useful since you will know what kind of car you can buy without running any unnecessary financial risks. It might happen that we take fancy to a car, and we don’t stop to consider if we can really afford it.
MFC also provides a car finance calculator to help you understand the amount you would pay in installments for the loan you take out. You should notice that this amount is only an estimate since MFC will only be able to establish an interest rate after you provide them with your financial information.
How does the MFC Vehicle Finance Online Application Work?
Before explaining how to apply for MFC vehicle finance we need to know more about what this loan has to offer. With MFC you can buy a car from a dealership or a private seller and the car can be either used or new.
If you buy the car through a dealership, the loan cannot be for an amount of less than R50 000 and the car cannot be older than ten years. There might be some exceptions to this rule, for instance a classic or vintage model. The maximum repayment term you can find at MFC will be of 72 months.
Another important issue to bear in mind is that when you buy a car through a car loan in South Africa you are required to take out comprehensive car insurance against third party claims.
Now, back to the application process; it is very simple: you will only need to fill out an online application with your personal and financial information.
5 Qualifying Criteria to Request MFC Vehicle Finance
A car loan is a long-term commitment that you absolutely need to fulfill. However, the lender cannot only trust in your word that you will pay it back, some documents are needed. This information is important for the lender since it will allow them to assess if you will be able to repay the loan.
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Any reliable and trustful credit lending company will ask you to provide them with basic documentation to assess your affordability. This is also done for your safety, so that you don’t get tempted to ask for a loan that you actually cannot pay back.
These are the five documents you need to provide MFC in order to qualify for vehicle finance:
- A copy of your South African ID
- A copy of your driving license
- Proof of address (not older than three months)
- Documents proving your income (such as payslips)
- Your latest three bank statements
You will have to upload these documents when you complete your online application or you can e-mail them to MFC.
Is MFC Reliable? Are there Positive Reviews about its Vehicle Finance?
Above we said that this company belongs to Nedbank, a well-known banking institution and one of the most important banks of the country. But that is not it; MFC is duly registered with the National Credit Regulator and it strictly adheres to the regulations enforced by this organization in terms of credit lending transparency. This means that MFC is legit, and that it will carry out all its financial operations in a legal and responsible manner.
This company enjoys an excellent reputation and many people choose it for their customer care and top-notch services. Several positive comments can be found in different portals and forums. However, there are some unhappy clients with specific claims, as well. We were able to notice that MFC took the trouble of responding each of these few comments urging the clients to provide more information so that a formal complaint can be made. It is always positive to see that a company addresses all types of comments, not just the ones that are beneficial for their business.
What is MFC Vehicle Finance Telephone Number?
We always urge our clients to use our comment section and our question and answer section to leave any concern or doubt they might have about the content of the article or a specific product tackled in our texts. It is a great honor for us to be of assistance to our readers. Also, we believe that your comments and insights can be of great help for other readers. We invite you to be part of this great community.
However, we understand that some questions or issues might only be properly answered by the companies. So, if you want to reach MFC, here are the contact details:
- Phone number: 0860 111 159
- E-mail: email@example.com
Owning a car is easier with the services provided by MFC. This company offers vehicle finance that might give you the chance of finally buying the car of your dreams. Here we said that their web designers created a budget calculator that can help you decide the amount of money that you can safely find. Also, we listed the qualifying criteria you should meet to request vehicle finance with MFC, and, finally, we talked about this company reliability and reputation.
Questions and answers
To whom it may concern. Good day, how old must a business be to apply for vehicle finance from you guys and what documents do we need to send?
If you own a company and need to finance a fleet, you will not be able to do this through MFC. However, this company belongs to Nedbank, where you will be able to ask for asset finance as a small business. Now, if you are thinking about buying a single vehicle, you could ask for a car loan at MFC as an individual.
Can I apply if want to buy a used car?
Is it possible to apply online?
Yes! You can complete the application form online.
Can I pay the loan in 14 months?
Unfortunately, you can’t. The minimum is 24 months.