Are you interested to know how Absa car finance work in South Africa? Then, read this guide to understand.
Absa enables you to buy cars through them, whereby they finance the whole process.
You enter into a beneficial contract with the bank, and you pay the car loan in installments.
Requirements For Car Loan
Below are the basic essential requirements to qualify for an Absa car finance.
- Your South African ID book or smart card, or your passport
- Proof of income (valid) not older than three months
- Proof of residence like utility bills not older than three months
- Your driver’s license
- Copy of your NaTIS document, if the vehicle you are trading in is paid
These are the requirements to qualify for the loan.
How Does Absa Car Finance Work
We will now show you exactly how the loan works.
When you sign up for the funding, you can be connected with an Absa car dealer to ease your car hunting experience.
The approved dealer will help you find your affordable dream car and present you with great deals on new or used cars.
They also help you to apply the insurance cover for your car.
You stand to benefit from dealership specials when you trade with Absa.
You can apply for the finance on the spot in the dealership showroom where you have already identified the car you want.
You can apply for the finance position even if you are not an Absa customer.
Use the vehicle finance calculator to estimate your monthly car repayments
You can pay the loan installments for up to 6 months, but also you can choose to pay the balance at once, commonly known as a balloon payment.
You can get between 75% to 95% car loan financing with this facility.
In some cases, especially when financing a new car, you can enjoy a four months repayment holiday.
This is how Absa car finance works in South Africa.
How to Pay For Absa Car Finance In South Africa
Now that you know how Absa car finance works, we will show you the various ways to pay for the loan.
Below are several payments methods to use to pay your car finance:
- You can pay through a debit order
- Log in to Absa South Africa Online Banking or the Mobile Banking App and use the electronic funds transfer (EFT)
- Also, you can go to your nearest Absa branch or Absa ATM and do an inter-account transfer
- Pay a beneficiary from another bank
- You can also deposit cash at an Absa branch using a deposit slip
- At an Absa cash-accepting ATM
These are the various payment methods allowed for Absa car finance in South Africa.
That is how Absa car finance work in South Africa.
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