Good Reasons to Get FNB Car Loans
Overview
There are two main types of vehicle finance offered through FNB Car Loans, namely:
- Instalment Sale Agreement
- Lease Sale Agreement
The repayment period of the finance can be extended up to 72 months. FNB is a registered credit provider and NCA-compliant institution so you will only be granted a loan amount that you can afford.
Your deposit can either be in cash or as a vehicle trade-in. A general rule is that the older the vehicle, the bigger the deposit and the shorter the repayment term.
Debit order is the preferred payment option, so you won’t have to worry about having to spend hours waiting in long bank queues to make payments.
Keep in mind that by maintaining a clear credit record, you may be able to get a favourable interest rate.
When you approach the dealer, your bargaining position is immediately strong after getting access to FNB Car Loans.
It forces the dealer to give you a better financing deal.
It can be a good way to improve your credit score. By getting FNB Car Loans you may be in a better position to improve your credit record. As long as you make repayments on time, you will establish a favourable record, which may also lead to lower interest rates in future.
Your cash can go to good use in other areas of your life. By opting for FNB Car Loans, you can use your cash for paying other financial obligations.
You get to benefit from competitive interest rates.
Tips for getting vehicle finance:
It’s important to do you research before you apply for finance. So you should have a clear idea of what type of car you want.
Previously owned vehicles are cheaper because they have already depreciated in value.
You should tale fuel costs, maintenance, security and insurance payments into account when setting aside a portion of your budget for car payments.
