First National Bank (FNB) offers South African clients a wide array of financial services designed to make their lives simpler. For individuals looking for vehicle finance, opting for FNB Vehicle Finance may be the ideal solution.
The bank’s vehicle finance offering is three tiered, in the form of Dealership Finance, Private Vehicle Finance and Leisure Finance.
This is a tailor-made vehicle finance solution that offers clients the choice of a fixed or a variable rate. A retrenchment policy is offered as well as a Deposit Protector, which pays back your deposit if the vehicle is stolen or written off.
This finance is for vehicles no older than 10 years. Finance is for up to R30 000 after deposit.
What do you need to qualify for FNB Vehicle Finance?
- Be at least 18 years of age, with a valid drivers’ licence
- Earn at least R6000 per month and have a clear credit record
- Provide proof of income
- Provide a signed declaration in accordance with the National Credit Act
- Provide a valid South African ID
- Provide proof of residence
- If you are a foreigner, a valid passport, permits and international driving licence are required.
Private Vehicle Finance:
This type of finance allows you to buy or sell a vehicle privately. This FNB Vehicle Finance is specifically designed to finance vehicles up to 20 years old. Vehicles are financed for at least R30 000 after deposit.
You can choose between an Instalment Sale Agreement and a Lease Sale Agreement.
The former is where a vehicle can be purchased from the dealer or private seller but the bank owns the vehicle until you have finished paying it off.
A Lease Sale Agreement allows you to lease a vehicle from the financier with the option to buy the vehicle at the end of the agreement. In addition, lease payments may be tax deductible.