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Dealing in Private Finance

2010-12-06 13:20
WesBank has long been known as "the ‘dealer bank, with a point-of-sale presence at 2000 auto dealers countrywide but few people are aware that WesBank also finances private vehicle sales between individuals, companies, trusts and even from deceased estates through its Private Finance division.

Other sales include relationship deals, where a person sells their car to a family member.

There are a number of advantages to purchasing a car privately and financing it through WesBank. One is that privately purchased vehicles up to eight years old will be considered for finance whereas the bank would normally only finance vehicles up to five years old when purchased from a dealer

SOUTH AFRICAN HQ: This is WesBank's head office in Fairland, Johannesburg.

The major disadvantage for the seller is that he or she needs to do quite a bit of work to complete the transaction. The car needs to be taken for a roadworth test and a 101-point check technical test, which would normally be taken care of by a dealer. The seller also needs to provide proof of ownership and confirmation that there are no outstanding payments due on the vehicle.

This amount of documentation required means that financing a private sale takes longer than buying through a dealer. It may also seem that the criteria are stricter and that the process is laborious but the point of the exercise is to protect the buyer and the seller from risks.

WesBank has therefore put a number of procedures in place for the security of all involved.

For further peace of mind, WesBank’s Private Finance division offers a warranty - a value-added product usually only available through a dealer. The warranty covers specific electrical and mechanical components and there are various options, depending on the vehicle. WesBank also handles the change-of-ownership and registration for the client, with the client as owner and the bank as title-holder.

MAKE AN INFORMED DECISION

Boats and jet skis cannot be financed privately because there are no registration documents. However, WesBank does finance private sales of classic cars. In such cases the vehicle is appraised by an appropriate specialist and the stricter qualifying criteria include the reqjuirement of a deposit - and for the buyer to be a repeat WesBank customer.

Whether buying privately or through a dealer, the experts at WesBank can help you to make an informed decision to make the best use of your money, and find the best solution for financing the vehicle you really want.

For more information visit www.wesbankexpert.co.za/
Contact WesBank here!


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