How to Finance a Car in South Africa: What Do You Need to Know?
Buying a car is exciting, but the finance side can sometimes feel confusing. Before you apply, it helps to understand what lenders look at and what you will need.
What Lenders Consider
Your credit score is one part of the application, but there is no single score that guarantees approval. Your income, existing financial commitments, repayment history and overall affordability are also taken into consideration.
Documents You'll Need
When applying for vehicle finance, you will generally need documents such as your ID, valid driver's licence, proof of income, recent bank statements or payslips and proof of residence. Having these ready can help make the application process smoother.
The reality of arranging finance through a dealership
One of the biggest advantages of arranging finance through a dealership is convenience. Instead of going from bank to bank trying to find finance yourself, our F&I team can submit one application to multiple banks and compare the options available to you.
At CMH Ford Hatfield, our experienced F&I team works with various financial institutions to help find a finance solution that suits your individual circumstances. They can explain the different offers, interest rates, terms and monthly repayments, helping you understand which option works best for you.
CMH Ford Hatfield also offers special schemes through Ford Credit with competitive rates and discounts.
Your finance term also matters. Options such as a balloon payment can reduce your monthly instalment, leave a amount payable at the end of the agreement, so it is important to understand the full commitment before signing.
Get in Touch
Our great F&I team at CMH Ford Hatfield is available in both our new and used vehicle departments from Monday to Saturday, with Saturdays until 13:00.
If you are considering your next vehicle, let CMH Ford Hatfield make the finance process easier by helping you understand your options from the start.
For more information visit CMH Ford Hatfield , Corner of Park and Jan Shoba Street ”“ 012 423 4300.
