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How Can I Get The Most of the Vehicle Finance Calculator MFC Offers? Rates, Payments and Application

     If you’ve trying to finance a new car, you already know the information can be a little difficult to follow. But, you shouldn’t worry because after reading this article you’ll know everything you need to about MFC, especially about its Vehicle Finance Calculator, rates and application process. Also, I’ll refer to payment and phone numbers and addresses for you to reach them if you’re interested in applying for a loan.

MFC Online Calculator

    To start with, MFC is a division from Nedbank that offers clients to finance the purchase of their vehicles in a fast and efficient way. They offer two types of online calculator. On one hand you have the Instalment Calculator, which I’ll explain how to use with a clear example. You have to enter the purchase price (R 150,000), deposit amount (R 10,000) and you’ll be shown the Loan amount (R 141,197). Then, If you fix the interest rate on 12,75 %, the balloon payment on 15% and you choose to repay the loan on 30 months, you’ll be shown the final calculation as next: The initiation fee would be of R 1,197, the monthly administration fee you would have to pay would be of R 68.40 and, finally, the monthly repayment would be of R 5,036.08. As you can see, this calculator will help you find out how much money you need to afford the vehicle you want.

    On the other hand, there is the Budget Calculator. In this case, you can use it before starting looking for the product to know how much you can afford. You’ll be requested to submit information about your income and general expenses in order to calculate how much money you can leave aside every month to repay the loan. This is really useful to begin the vehicle search knowing the budget you should stick to.

    In both cases, the advantage is that if you don’t feel happy with the final outcome you can change the terms until you feel ready to apply for the loan.

What are the Requirements?

    Before thinking about applying for a loan please make sure you can provide MFC with a copy of your I.D. and a copy of your driver licence, a document that shows your income and another that proves you live in South Africa. For this last requirement, you can submit a utility bill from the last two months, for example.

What is MFC Interest Rate ?

    You can choose between two options regarding rates. One of them is a Linked-rate and the other is the Fixed-rate. For the first option your rate, along with the repayments, will increase or decrease if the interest rate changes. This means that your loan can be affected with a higher rate but, also that can be can benefit from a lower rate. The second option, on the contrary, fixes a rate for the entire length of the loan. You can trust the instalment you’ll pay will be the same. They won’t increase if the interest rate goes higher, but they won’t benefit either if the rate decreases.

MFC Addresses and Phone Numbers

    If you want to visit their branch to have a face to face service you have two addresses. The office of MFC, for example, is in 6E Herman Road, Meadowdale in Edenvale but, the Head Office (Nedbank Ltd) is in Sandown. The address is 135 Rivonia Road. And, also there is a postal address if you need to send them letters of compliments or complaints, for example. You should send them to Client Value Management, P.O. Box 4005, Edenvale, 1610.

    Besides, if you want to call them you have a few options depending on the purpose. If you have payment queries or problems you can call to 0860 879 900.

    If you want to get Additional Cover Products the number to call is 0861 133 338 from Monday to Friday, 8:00 to 16:30.

    If you need to complain about a service or compliment it, you can call the number 0860 879 900.

    Finally, you can dial the number 0860 111 159 for general queries.

MFC Repayment Term

When it comes to the repayment term, you have few choices to take into account.  

    You should know, for instance, that the deposit is based on your credit risk. Also, you can choose to repay the loan in a minimum of 2 years and a top of 6 years. Of course, you can also choose the period in terms of months so, you have between 24 and 72 months to cancel the instalments.

    I’ll add that early settlement is also a possibility and that you have the balloon payment option too. This is a lump sum repayment you can pay at the end of the period you agreed on and, through this balloon payment you reduce monthly repayments.

MFC Application

Applying for a loan with MFC takes only 7 simple steps I’ll list next:

1. You need to calculate the full cost on the loan.



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2. You have to contact MFC to find an accredited dealer.

3. You need to complete the application form to ask for the vehicle finance.

4. You ought to get the new vehicle insured.

5. You have to sign the contract with the terms and conditions previously arranged.

6. You pick up your new vehicle and drive it.

7. Pay the instalments already stated in the contract.

    To end up, I know asking for a vehicle finance can be a little scary but, I’m sure with all this information you can feel ready to face up to your fears and realize is much simpler than it seems. So, stop worrying about it and go after the dream of having your own car.

Email Address

care@mfc.co.za

Requirements

I.D., driver licence, proof of income and residence

Telephone Number

0860 111 159 – 0860 879 900

Working Hours

Weekdays from 8 a.m. to 4:30 p.m.

Address

6E Herman Road, Meadowdale, Edenvale

Interest Rate

Linked-rate or Fixed-rate

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Leave your questions or comments

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Questions and Answers

Can I apply if want to buy a used car?
Of course!
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.

Leave your rating about How Can I Get The Most of the Vehicle Finance Calculator MFC Offers? Rates, Payments and Application

(4,67) / 3 Ratings

Rating: 5
Comment: Fixed-rates are awesome to relay on stability.
Rating: 5
Comment: The Instalment Calculator is practical to organize the money.
Rating: 4
Comment: Application was really fast!

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