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Vehicle loans can help you purchase the car that you want if you don’t have the money to do so.

Why take out a Vehicle Loan?

Cars and other vehicles can be expensive purchases. If your finances are standing between you and the one that you want you might want to consider taking out a vehicle loan.

What are the benefits?

The main advantage is that you can take possession of the car straightaway. You will also find that some lenders offer some great incentives with their loans such as free or discounted breakdown cover, vehicle insurance and offers on car accessories.

In some instances car loans can work out cheaper overall than other financing options.

What about you credit rating?

It is likely that your credit rating will be considered but you will still be able to get one even if you have had bad credit. However, it is likely that the exact amount you can borrow will be affected and if you have a bad credit rating the interest rates are likely to be higher.

Get the right Vehicle Loan for you and your needs

Before applying you should work out how much of the car payment you can afford to pay each month to help you make your decision. The amount you can borrow can depend on a number of aspects including the type of car you want to buy. You will find that used cars will have higher interest rates than newer models.

There are specialist lenders available to customers in South Africa that can offer you competitive rates and terms for financing your vehicle but it is really important that you compare lenders weighing up all the different features, packages and payment options.

Make sure you shop around for the best vehicle loan available and watch out for lenders that require a deposit and charge admin fees.

Use the table above to compare different lenders.

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