MFC Vehicle Finance is the ideal credit solution for those that are looking to purchase their dream vehicle but don’t have the finances to buy it in cash.
Motor Finance Corporation is partnership with Nedbank offers vehicle finance loans of up to R200 000 which helps you purchase the vehicle of your choice that is less than 20 years old anywhere in South Africa at an accredited dealership.
Buying a vehicle cash is very difficult for most people and it is comforting to know that there are reputable financial services providers such as MFC and Nedbank that are willing to give you a helping hand in your times of need and afford you the opportunity to own your dream vehicle.
Who is MFC?
MFC came about through a merger between Nedbank Vehicle and Asset Finance and Motor Finance Corporation in October 2010, and became a division of Nedbank specialising in vehicle finance.
MFC is the second largest vehicle financier that is backed by one of the top four biggest banks in South Africa and has over 2 400 approved dealerships.
Their vehicle finance comes with a compulsory insurance cover to keep your vehicle comprehensively insured against third-party claims, and against loss or damage, for the full period of the finance agreement.
Why get MFC Vehicle Finance?
MFC Vehicle Finance is a credit facility that allows you to purchase the vehicle of your choice with a value of up to R200 000 and less than 20 years old, and you don’t necessarily have to pay a deposit to qualify for these loans.
To access these loans you can visit any MFC accredited dealership and make your application there along with your supporting documents and their consultants will get in touch with you to finalize the application. Once approved you will enjoy competitive interest rates and flexible repayment terms that range from 36 to 60 months, and your installments are paid every month through a debit order.
Another advantage of these loans is the fact that they come with a Credit Life Insurance which settles any of your outstanding balances should you find yourself in a position where you can no longer pay your loan due to unforeseen circumstances such as losing your job, suffering from permanent disability or even dying. This insurance product covers you and your family and will ensure that you get peace of mind knowing everything is taken care of.
MFC Vehicle Finance Options
Installment Agreement Option
This loan option allows you to purchase any vehicle of your choice but the title of the car will remain in the name of the bank for a negotiated period of time while you pay your monthly instalments. When the instalments are finished the vehicle can be changed into your name. This vehicle option offers you between 12 to 96 months in repayment terms, choice of fixed or linked-interest rates and an early settlement option is available.
Balloon Payment Option
This option offers lower monthly repayments and will require a lump sum repayment at the end of the loan term which is known as a Balloon Payment. The maximum balloon payment is 35% of the vehicle value, and at the end of the repayment term you can choose to sell your vehicle, refinance it or pay the full balloon payment and take ownership of the car.
Rate Payment Option
MFC offers two rate options namely Linked-rate and Fixed-rate options. The Linked-rate option is tied to the fluctuating interest rates which gives you benefits and disadvantages depending on how the market interest rates go. If they increase you pay more and if they drop you pay less. The Fixed-rate option gives you the advantage of having a fixed interest rate through out the whole loan tenure.
MFC Vehicle Finance FAQs
How do I apply for vehicle finance from MFC?
Getting approved for MFC Vehicle Finance will require you to be a South African citizen with your Identity Document, must be over the age of 18 years with a valid driver’s license, must be permanently employed and have a bank account in your name where you get your salary paid into, must provide your latest 3 months banking statements, and lastly your latest proof of address that is not older than 3 months.
You can make your application at any MFC accredited dealership and they will submit your application on your behalf and won’t have to deal with the bank directly. If you are approved they will notify you of the outcome and they will call you to sign some paperwork and you can drive your dream car.
Can I get pre-approved finance from MFC?
No, MFC doesnt offer pre-approved finance because they require the vehicle details and your own personal details to approve the finance.
Does MFC do a credit check?
When you lodge in your vehicle finance application MFC will do a credit check to see your previous payment history.
Can I apply for MFC Vehicle Finance Online?
MFC allows you to apply for vehicle finance loans online by simply following the step by step application provided for you on their website.
Does MFC offer vehicle finance for vehicles older than ten years?
Usually MFC finances vehicles under 10 years but in exceptional cases they will be able to provide finance to purchase cars such as classics, vintage and so on.
MFC Vehicle Finance Contact Details
To know more how you can get your dream vehicle through MFC Vehicle Finance you can simply contact their customer care number 0860 555 111 and speak to their friendly consultants who will gladly assist you with any inquiries you may have, or you can also visit your nearest MFC approved dealership and get more information from there. You can also go online to www.mfc.co.za and get more details on how these loans work.