Are you planning to buy your dream car but cannot afford it with your current salary? You need not worry because banks in South Africa offer vehicle financing to permanently employed people. Today’s article will help you know the minimum salary requirements of the banks for car financing.
Banks with Minimum Salary Requirements to Qualify for Car Finance in South Africa
Each one of them has different requirements and installment plans for potential buyers. However, the minimum monthly salary requirements for major banks in South Africa are
- Standard Bank: R5000
- FNB: R6000
- MFC: R6500
- Wesbank: R7500
All the banks in South Africa have different criteria for car financing. Four of them are mentioned below so you can know about the basic salary requirement.
The MFC is a division of Nedbank and has very flexible car financing for interested buyers. According to MFC, the applicant must have an ID, which means that he must be 18 years of age. He must be a permanent employee of any company or organization with a minimum monthly salary of R 6500.
The potential buyer must have a driving license at the time of the application. Moreover, he must be a South African resident with no criminal record in the past. Hence, these are some basic requirements when applying for car financing at MFC.
Wesbank is another option for people planning to apply for car financing. To meet the criteria, the minimum monthly salary must be R 7500, and the applicant must be between 18 and 31 years old. He should have a degree and proof of employability.
The potential buyer must qualify for Wesbank’s affordability agreement before applying for the car financing. What makes Wesbank stand out amongst the competitors is the one-stop shop offer. It allows the buyers to buy everything for the car themselves.
Standard Bank car financing is for people with low monthly income. The minimum salary requirement is only R 5000; the installments are for the next 84 months. All the applicants will go through the affordability and full credit assessment before getting the loan.
The minimum car financing loan at Standard Bank is R 20000. Please ensure you can pay the installments for the next four years.
First National Bank, or FNB, offers vehicle financing to people earning R 6000 monthly. The interested buyer must be 20 years of age and permanently employed at any organization. Buying a car from a dealer in the business for ten years is required.
An informative article on the minimum salary to qualify for car finance in South Africa is written so people can know about it. Many banks in the country offer vehicle financing but have different requirements. You can go for the offer that is convenient and fits your budget.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.