FNB Vehicle Finance Pre-Approval
Overview
When buying a vehicle from a dealership you need to apply for Dealership Finance. It’s important to do your research before you buy a vehicle. To put yourself in a better bargaining position, getting FNB vehicle finance pre-approval may be ideal.
More about FNB Vehicle Finance:
Types of FNB Vehicle Finance:
- Dealership Finance – This is tailor-made vehicle finance for vehicles up to 10 years old.
- Private Vehicle Finance- This is finance for vehicles up to 20 years old
- Leisure Finance – This finance is specifically designed for motorbikes, boats and classic cars.
To qualify for vehicle finance you need to be at least 18 years old. You’ll need to have a clear credit record and also earn at least R6000 per month. FNB insists on an FNB-approved testing station to have a vehicle inspection.
Before applying for FNB Vehicle Finance, you should have a clear idea of the type of car that you want as well as what you can afford to buy.
Having a clear credit record may result in lower interest rates. You will have the choice of either a fixed or variable interest rate.
By getting FNB Vehicle Finance Pre-Approval you will be able to know how much you have to spend. You will be evaluated based on your financial profile and approved for a loan of a given size. You’ll receive an outcome immediately after submitting your application.
Documents required for FNB Vehicle Finance Pre-Approval:
- Proof of income (recent payslip or 3 months’ payslip if self-employed)
- Signed declaration in accordance with the National Credit Act
- Valid South African ID
- Valid South African drivers’ licence
- Proof of residence
Before applying, it may be helpful to use the handy calculators to determine your finance affordability. This will work out your monthly repayment, your affordability and the purchase price you can afford.
Visit www.fnb.co.za
