Applying for Car Finance What is Required?

{{INFOGRAPHIC1-LEFT-50}}Once you’ve found your perfect car, it’s likely you’ll need to finance it. If the thought of all that admin puts you in high-stress mode – stop! It’s easier than you may think, especially with an online application, it’s quick and convenient. 

There are a few things you should gather in preparation when applying, which we’ve listed here. 

Personal Requirements

At the time that you submit your application there are certain upfront requirements to bear in mind, or your application will be rejected:

  1. Age – 18 years and older
  2. Employment – Permanent
  3. Salary – On-going monthly salary of no less than R6,500 p/m
  4. Citizenship – South African or permanent resident of South Africa
  5. Credit history – Financers will run a credit report to check your lending habits

Documents Checklist

This is the ‘paperwork’ part of the process. When applying for car finance check that all copies of all the following documents are submitted or your application will be delayed.

  1. Proof of identity – Valid South African identity card or green barcoded ID
  2. Driver’s licence – Front and back 
  3. Proof of residence – Utility bill or statement with your residential address no older than three months
  4. Proof of income – 
    1. If you earn a salary, payslips from the last three months
    2. If you are self-employed or earn a commission, payslips and stamped bank statements from the last three months

Once your application and documents have been received, all you can do now is wait while the dealership assesses your situation. If all the calculations are in your favour, you’ll be legible for vehicle finance from one of the financial institutions. 

So, don’t let the thought of paperwork give you the jitters, it’s really quick and convenient, especially now that you know what to prepare for. Ready to apply?