We Offer finance with Mfc & Wesbank

Individaul application

Please note we require the following documents, should you wish to continue with finance in your personal name.

 

  • COPY OF ID BOOK / CARD (FRONT AND BACK)

  • COPY OF YOUR SA DRIVERS LICENCE

  • PROOF OF RESIDENCE (NOT OLDER THAN 3 MONTHS)

  • 3 MONTHS LATEST BANK STATEMENTS

  • 3 MONTHS LATEST PAYSLIPS

    *Please note if you are self employed, please send 6 months latest bank statements instead of 3 months latest bank statements and 3 months latest pay slips.

Juristic Application

Please note we require the following documents, should you wish to continue with finance in your Company name.

 

  • EACH DIRECTOR/PARTNER AS LISTED ON THE BUSINESS REGISTRATION DOCUMENT ALSO HAS TO COMPLETE AND SIGN AN INDIVIDUAL FINANCE APPLICATION.
  • ID (Of ALL directors)
  • SA DRIVERS LICENCE (Of ALL directors)
  • PROOF OF RESIDENCE NOT OLDER THAN 3 MONTHS (Of ALL directors)
  • PROOF OF RESIDENCE NOT OLDERTHAN 3 MONTHS IN THE COMPANY NAME.
  • LATEST FINANCIAL STATEMENTS
  • 6 MONTHS LATEST BANK STATEMENTS
  • COMPANY PROXY
  • COMPANY REGISTRATION DOCUMENTS (CK DOCUMENTS)
  • VAT/TAX CERTIFCATE
  • SHARE CERTIFICATE

These documents must be sent to finance@mutualmotors.co.za

F.A.Q.

We are not able to quote a rate until an application has been submitted, as the rate is based on a risk assessment.

The following is taken into account when quoting a rate:

  • Previous track and credit record
  • Type of asset requiring finance
  • Deposit amount

The Finance providers do credit checks to establish your historical payment conduct.

Older vehicles will only be financed in exceptional cases, and usually require a large deposit. Terms and conditions will be agreed upon according to the vehicle and risk involved.

A maximum of 96 months are allowed on certain deals, depending on the year, make and model of the vehicle, and is subject to certain terms and conditions.

  • Copy of bar-coded identity document or passport
  • South African driving licence
  • Employment contract
  • Residence permit (applicable to passport holders)

Any private person or juristic person can enter into an agreement without a deposit. However, it is within the bank’s discretion to request a deposit.

When financing your vehicle, you have the option of having either a linked (variable) interest rate, or a fixed interest rate. A linked interest rate is linked to the prime lending rate, and therefore the monthly instalment could vary during the loan term. Having a fixed interest rate (usually higher than a linked interest rate) means that the monthly instalment remains unchanged for the duration of the agreement.

This mechanism enables you to pay a reduced monthly instalment. It means that you can defer a percentage of the purchase price until the end of an instalment sale or lease agreement. This may improve your monthly cashflow, but the full amount is still payable over the period (including interest on the balloon payment). 

It is compulsory to keep your vehicle comprehensively insured against third-party claims, and against loss or damage, for the full period of the finance agreement. Should you not insure your vehicle, you will be in breach of your finance agreement.