How to get vehicle finance
Finding a new set of wheels is exciting, but securing the finance for it can be less fun. You want to make sure that you’re getting the right type of finance to suit your needs and your circumstances – and make sure that you’re not overpaying and being set back for years to come.
There’s a lot to consider when it comes to vehicle financing. It’s important that you’re clear on the process and the ins and outs, so that you can do your research and get the best deal on the best possible terms.
What are my vehicle financing options?
When deciding on how you’re going to pay for your new vehicle, think about what your plans are for it, what your financial goals are and how paying for it is going to fit into your lifestyle.
- An instalment sale helps you buy the vehicle with monthly payments. You get a personalised interest rate and you decide over what period (up to 84 months) you want to repay the loan.
- A financial lease lets you use the vehicle as your own, without owning it. You pay monthly instalments over a specified repayment period (up to 84 months), and once the lease is up, you have the option of owning or returning it.
Can I afford it?
Before you start shopping and making decisions, determine how much you can reasonably afford and how a car payment will fit into your budget. Not only will this help you narrow down your options, but it will also better prepare you to negotiate the price and terms.
Use our car finance calculator to see how much you can afford to spend on instalments and to estimate the monthly repayments. Also consider what the running costs on the vehicle will be: are there maintenance and upkeep costs and what will it cost to insure the vehicle? It’s best to be realistic and honest with yourself so that your new vehicle doesn’t burst your budget.
Getting started
Once you’ve chosen the vehicle, calculated the costs and chosen the best financing option, applying for finance is easy. You can choose to simply:
- Complete our car finance application online or on our Banking App,
- Call us on 0860 000 000, or
- Visit a branch near you.
You’ll need* your South African ID, a valid driver’s licence, 3 months’ payslips or bank statements, and proof of residence.
Don’t forget the insurance
Protect yourself and others in case of an accident, or if life happens and circumstances make it difficult to make your repayments. Standard Bank offers comprehensive car insurance to suit you, as well as vehicle and asset finance protection should you become unable to continue payment due to disability, illness or death.
*Terms and conditions apply. You must be 18 or older. Approval is subject to credit checks and Financial Intelligence Centre Act (FICA) requirements.