Frequently Asked Questions

I think I might be under-insured

Being "under-insured" means that the amount your vehicle is insured for does not cover the replacement value of the particular vehicle; should it be written off, damaged or stolen.

If you are uncertain whether your vehicle is under-insured, why not fill in our Trade-In Value form to get the total value of your vehicle? This way, you are able to accurately state the monetary value of your vehicle when applying for car insurance.

How does finance work?

Vehicle finance is the process of applying for a lump sum of credit in order to purchase a new or used vehicle. The amount of credit that you are illegible for is determined by your affordability and credit score; which is regulated by various South African Credit Bureaus; such as TransUnion and Experian.

When applying for vehicle finance; your request for finance is submitted to one or multiple credit providers for approval. If approved; the credit provider will purchase the vehicle from the dealership or private seller; during which the credit provider will establish a contractual agreement with you, along with specified payment terms in order for you to pay off the outstanding finance amount in instalments; over a set period of time.

The instalment fee is primarily determined and affected by the following factors:

• Amount financed
• Interest rate;which is also affected by your credit score
• Payment Term;usually between 36 and 72 months. The longer the payment term, the lesser the instalment amount

During the time that your finance agreement is in place; the credit provider will retain full ownership of the vehicle. Once the total outstanding balance has been settled; vehicle ownership will be transferred over to you, along with all relevant documentation that proves you are now the rightful owner of the vehicle.

Do you do private finance?

Yes, we do facilitate private financing transactions. Why not fill in our Private Finance application form; and one of our consultants will get into contact with you shortly.

What does leisure finance entail?

Leisure finance is when you finance an asset or vehicle that is considered a leisure item. These assets may include boats, jet-skis, caravans, golf carts and aircraft.

Was the car I’m buying in an accident?

In most cases, dealerships do not disclose whether a vehicle has been in an accident. This is why it’s so important to make sure that you specifically enquire about the vehicle’s accident history. At Finance.co.za, we are a few steps ahead; and so as part of our service to you, we pull a comprehensive HPI (Hire Purchase Information) report that contains the entire history of a vehicle; along with:

• Accident Reports
• Whether it’s been reported stolen
• Is it still financed?
• History of current and previous registrants
• Is the odometer reading correct?

Should you wish to obtain information on a vehicle you would like to purchase, fill in and submit our Vehicle Check form; and of our consultants will get into contact with you shortly to discuss the particulars of your HPI report.