Applying For Vehicle Finance From Second Hand Car Dealers In South Africa
There are a few terms and conditions that you need to adhere to when applying for finance from second hand car dealers in South Africa. You need to be over the age of 18 years as minors cannot purchase a vehicle or apply for finance of any kind. You will need a South African Identity Document as well as be in possession of a valid driver’s license in accordance with the traffic laws of the country. Verified copies of these documents will need to be submitted along with your application for vehicle finance from second hand car dealers.
You cannot ever have been declared mentally unfit when entering into a finance agreement with second hand car dealers in South Africa. Your credit record also needs to be as healthy as your mind and you may not be in the process of debt review or debt counselling. No second hand car dealers are allowed to offer finance to any person undergoing debt review in accordance with the National Credit Act. If you have been declared insolvent or are undergoing sequestration, your application for finance from second hand car dealers will not be considered.
Although you will not be required to submit your credit record to the second hand car dealers when applying for finance you will need to sign over permission to run a credit check on your financial history. Having bad debt or any creditors with whom your payments are not up to date will result in your application for vehicle finance being denied. You will also need to sign a loan agreement that stipulates the amount of money that you will be obligated to pay the second hand car dealers for the finance on a monthly basis as well as the period over which you will need to make your repayments.
For further information regarding the terms and conditions of a loan agreement for vehicle finance from second hand car dealers in South Africa, please contact us.