What about Finance
What Should I know
- Minimum Monthly Income: The Banks often require a minimum monthly income (around R6,500) to ensure you have the financial capacity to handle car loan repayments.
- Credit Score: A good credit score plays a significant role in securing favorable loan terms. Aim for a score between 700 and 750 to improve your chances of qualifying.
- Affordability: It's essential to ensure that the monthly repayments fit within your budget, factoring in additional costs like insurance, fuel, and maintenance.
What will I need
- Identification: A copy of your valid South African ID document to verify your identity.
- Proof of Address: A recent utility bill (no older than 3 months) or any other document that confirms your residential address.
- Bank Statements: 3 months’ worth of bank statements to show your financial stability and ability to manage payments.
- Proof of Income: A recent pay slip or other official documentation confirming your income.
- Driver's License: A copy of your valid driver's license to show you're legally able to drive
- Insurance Details: Proof of your comprehensive insurance policy, which is often required before financing can be approved.
