WesBank: We know wheels
WesBank is South Africa’s largest dedicated provider of vehicle finance with more than 40 years of experience in the asset finance business. This is the expertise passed on to you to help you make informed decisions when financing a vehicle or other movable asset.
Affording a car means being able to cover more than just the monthly finance payments. WesBank advises that you also need to consider the cost of petrol, insurance and maintenance as well as increased payments should interest rates rise. It is best to calculate what is affordable before even starting to look for a new car.
When it comes to actually viewing a potential car, particularly a second-hand one, WesBank also offers extensive advice for prospective buyers on their micro-site www.wesbankexpert.co.za including a downloadable buyer’s checklist. It’s easy to get distracted when looking at a vehicle and important issues may be overlooked. Possible snags include inconsistent paint work, misaligned panels, cracked hoses or fan-belts, tiny droplets of clear liquid on the oil dipstick, engine number tampering, an unrealistic odometer reading, a missing spare tyre, jack or spanner.
Inspect the car’s bodywork in neon light and test-drive the vehicle with the radio off. A full service history offers some insight into how the vehicle has been maintained and looked after.
As far as a car’s accident history and vehicle integrity are concerned, WesBank will assist in doing a verification check using the Vehicle Identification Number (VIN).
Although you cannot expect a used car to be perfect, you need to evaluate the extent of the issues that exist. The severity of the problems should be carefully assessed, as well as the cost of repairing them. Then the decision is between not buying the car, renegotiating the price, or purchasing it after the dealer has had the problems fixed.
If purchasing through a dealer, WesBank will finance vehicles from a national network of more than 2000 approved new and used dealers. If purchasing through a private sale, WesBank’s Private Finance Division has a network of approved Testing Stations countrywide which perform roadworthy tests, Proof of ownership as well as 101 point check technical tests.
This means that if WesBank approves a car, you know the vehicle will be a worthwhile deal.
WesBank assesses clients individually and strives to assist with the best arrangement wherever possible. Clients have the option of an Instalment Sale Agreement or a Lease Agreement, with a further choice of Fixed or Variable rates.
An expert solution will be calculated for each client’s unique requirements, including a reasonable balloon payment. This is the inflated payment at the end of a contract to pay off the remaining balance. While it reduces the monthly instalments, it can increase the total interest paid, so it is wise to keep the balloon payment as low as possible.
These and other areas of specialist advice are part of the personal service offered by the WesBank experts.
For more information visit www.wesbankexpert.co.za/
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