Are you tired of taking the bus to work or you just find yourself cursing your old car every single day? Maybe it’s time for you to buy a new car with car finance at Standard Bank. If you relate to this, read our article to find out what vehicle loans options you have with this bank and all the information as to how to apply for these loans. We will also discuss how to apply for vehicle and asset finance for people who own businesses. If when you finish reading this article, you still have some doubts or concerns that you need to solve, please do not hesitate to let us know about it in the comment and questions forms below.
How does Standard Bank Vehicle Finance Work?
Standard Bank of South Africa Limited is one of the biggest banks of our country. With over 150 years of experience, it has expanded to many countries around the world. Believe it or not, you will be able to find this bank in Africa, Asia, North America, Europe and South America. Impressive, isn’t it? In terms of reputation and reliability, you could hardly find a better option.
There are two types of vehicle finance plans at Standard Bank: installment sale or financial lease. In this article, we are going to concentrate on the former since the financial lease is an option that allows you to rent a car over an agreed time period with the option of owning it at the end of the agreement, and we’d like to focus on a loan to buy a car.
With this loan you buy the car you want and pay it in installments. The minimum period to repay this loan is 12 months and the maximum is 72 months. Also, the loan amount that you ask for should be of at least R20 000.
5 Requirements you Need to Meet to Request Car Finance at Standard Bank
Standard Bank is a credit lending organization that is registered with the National Credit Regulator. That is, they must meet all provisions established by the NCA. When you request a loan from a company that is in compliance to this governmental organization, you need to fulfill certain requirements and qualification criteria in order for your loan to be approved. This is good for you since your financial security will be watched for.
In terms of qualification, to ask for Standard Bank car finance you have to be over 18 years old and be a resident of South Africa. Also, you need to have documentation proving that you have a steady source of income: the bank needs to know for sure that you will be able to pay back the loan without risking your financial security.
These are the 5 requirements you need to meet:
- SA ID
- Driving license (issued in South Africa)
- The latest payslip
- Three last bank statements
- Proof of residence
How does Interest Rate Work for Car Finance at Standard Bank?
Standard Bank offers a personalized interest rate. This means that you and the bank will discuss the type of interest rate that suits your needs best. However, you should notice that the percentage of the interest rate that Standard Bank will be able to give you will depend strictly on your financial situation. Issues such as how much you earn, if you have other loans taken out or if you have unpaid bills will affect the interest rate you will get.
2 Things you should do Before Starting your Online Application for Car Finance at Standard Bank
The easiest and fastest way to apply for car finance at Standard Bank is by filling out their online application. The process is really simple and straightforward and you will be done in minutes. Nevertheless, there are 2 steps you should take before jumping into the decision of starting the online application:
- Use Standard Bank’s online car finance calculator. Take advantage of this free tool to know the approximate amounts of your installments and in this way figure out what car you can safely afford.
- Prepare beforehand all the documentation requested by Standard Bank for their car loans that we mentioned above.
Is there an Online Application for Vehicle and Asset Finance at Standard Bank?
Standard Bank also provides financial services for business owners. If you need to buy vehicles, machines or other types of equipment, a Vehicle and Asset Finance might help you out. For instance, to finance the purchase of commercial vehicles such as trailers, HCVs, or passenger vehicles.
With the loans provided by Standard Bank your company can purchase the assets it needs with negotiable term, balloon payment and monthly repayments.
This bank wants its customers to be as comfortable as possible; for this reason its web designers have produced an online application for you to request the loan through the Internet. There is no need for you to contact the bank unless you have a specific question or doubt that can only be solved by its employees.
There are some people who don’t feel at ease by requesting products online, though. For this people, the bank makes available other channels of communication like e-mail, phone, fax or even face-to-face assistance at one of the bank’s branches.
How to Find Reviews about Standard Bank Vehicle Finance?
The Internet has given us the possibility of accessing the opinion other people have on the products or services we want to acquire. Every time we’re thinking about buying an item, we resort to the web to find out what experiences other people had. Was it good? Are they satisfied? Was the customer care satisfactory? These and others are the questions that pop to our head before we feel safe enough to acquire the product or service ourselves.
Something similar happens with loans; we want to know if we’re on the right truck regarding a company or a type of loan. Standard Bank enjoys an enormous reputability in terms of client satisfaction. We found a great number of positive reviews highlighting the great customer care received from the staff.
However, there are cases in which some customers were not happy with Standard Bank: we found, for instance, a comment made by a client complaining that he was denied a loan. Standard Bank replied that comment and it was made clear that this customer was not able to receive the product since he did not meet the basic requirements.
One tip that you might find useful is asking people you know. Maybe a friend or a relative of yours has already asked for a loan at Standard Bank and can tell you all about his or her experience.
Can you Buy a Used Car with Standard Bank Vehicle Finance?
A new car can be very expensive and it might be way too much out of your budget. But this does not mean you cannot buy a car at all. If you cannot afford a new car, you should considering buying a pre-owned car with Standard Bank Vehicle Finance.
A good tip that works both for new or used cars is to have your car loan pre-approved before you go to the dealership. In this way, the dealer knows that your credit record is clear and they might be able to offer better deals.
Does Standard Bank Offer Payment Holiday for Vehicle Finance?
We all know very well that some months are better than others in terms of our finance. Even though you have a permanent job with a regular and steady salary, you don’t know what the future holds for you. Sometimes, there are unexpected circumstances that make it much harder to comply with all your financial obligations. Having a medical emergency, for example, might translate into a situation where a great sum of money has to be spent, and you just cannot get out of it.
Standard Bank is also aware of this issue. For this reason, depending on the specific circumstances the bank might offer payment holiday to its clients. These “holiday” might be for a term from one to three months and your situation will be carefully studied before you can benefit from this help. If you were to experience this situation, you would need to call or e-mail the bank explaining the reasons for which you are requesting this holiday.
Owning a car allows you to enjoy the freedom of going everywhere whenever you want. It might be about time for you to enjoy that freedom too. In this article we talked about one of the companies that can help you in this journey. Ask for car finance at Standard Bank and set off to wherever you want to go. Here you learned how to apply for these loans, the documents you need to prepare, and the type of interest rates this bank offers. You are ready to make your dreams come true. Moreover, we wanted to address people who own companies and that need to purchase vehicles or other assets such as equipment or machinery to grow their businesses. We talked about the perfect product for this aim: Standard Bank’s Vehicle and Asset Finance.
Preguntas Frecuentes
Does this bank offer loans for professionals?
Yes, in fact there are Business Loans
Can I apply on the phone?
Yes, on the phone, in person or online
Can I download an app?
Yes, it is available in the bank´s webpage
Good day, why can I not qualify for a vehicle finance as I have been with Standard bank for years?
If you cannot qualify for a vehicle finance program with Standard Bank and you have been a client for several years, then you should check that you meet all the requirements. These include your South African ID, a valid driving licence, three recent monthly payslips or bank statements and a certificate of residence.