Financing Second Hand Car Sales In South Africa
Finding vehicle finance for second hand car sales in South Africa can be time consuming and a hassle. There are a wide range of financial institutions and loan providers who offer vehicle financing services and it can be difficult to choose the right one. The most important factor in choosing a vehicle financing company is the type of interest rate that they will charge you. There is an industry standard or prime interest rate upon which individual finance interest rates can be calculated. Of course you would want to choose the financial institution or loan provider who can offer you the lowest interest rate for second hand car sales. Administration fees, bank charges and any other fees related to the vehicle finance should also be taken into account.
The second factor affecting your choice of financier for second hand car sales in South Africa is the amount of deposit that they will require in offering vehicle finance. Most financial institutions insist upon a 20% deposit for first time buyers and a minimum of 10% deposit for current car owners although deposit amounts can vary. Current car owners can either come up with the amount for the deposit or can trade in their existing vehicle to cover the deposit for second hand car sales.
You will need to ensure that you have a good credit record when applying for finance for second hand car sales. There are very few financial institutions that will provide finance for second hand car sales to persons who have bad debt or are poor payers to any existing creditors they may have. Always check your credit record with the various credit agencies in South Africa before applying for finance for second hand car sales.
To get assistance for all your financing requirements for second hand car sales in South Africa you can simply contact us.