MFC Vehicle Finance is a car finance facility offered by MFC to help you purchase your dream car. MFC is a division of Nedbank and focuses only on vehicle finance. The customer has the choice of choosing various finance options that best suits their situation and affordability, and MFC prides itself in providing a fast, efficient and simplified motor finance service.
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.
MFC Vehicle Finance Options
Installment Agreement Option is an agreement that allows the bank to purchase your selected vehicle and then in essence sell the vehicle to you in a negotiated period of time in installments. Interest rates are agreed upon and you can get repayment terms ranging from 24 months to as much as 72 months. Once all your monthly payments are paid in full will the bank then transfer the ownership of the vehicle into your own name.
Balloon Payment Option gives you lower monthly installments but also with a lump sum or “balloon” payment at the end of the agreement term. When the end of the finance term comes you have the options to either sell your vehicle, pay the full balloon payment and take possession of the vehicle or apply to refinance the balloon amount for a further period of time.
Rate Payment Option comes in two forms namely Linked-rate Option and Fixed-rate Option.
The Linked-rate plan comes with the advantages and disadvantages of fluctuating interest rates. If interest rates decrease you have the advantage of having decreasing interest rates during your repayment period, but if they increase you will have to pay much higher and increasing interest rates.
The Fixed-rate Option gives you much peace of mind because interest rates remain fixed throughout the whole repayment term, and is not affected by changing market rates.
If you find the car of your dreams all you need to do is fill out the MFC Finance Application Form from your dealership or you can also download it from their website. Supporting documents needed when you make your application includes your copy of your ID, copy of your driver’s license, proof of income such as your latest pay slip, 3 months bank statements and your latest proof of address.
MFC Vehicle Finance FAQs
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
For more details on how you can apply for MFC Vehicle Finance call their call centre number 0860 111 159 and speak to their friendly consultants. You can also visit their website www.mfc.co.za or www.nedbank.co.za and read up more details on this vehicle finance product.