Private Vehicle Finance

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Warmachine

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Hi there

I am considering buying a VW Golf 7 GTI from a good mate of mine, strongly poised at using the Private Vehicle Finance route.

Wanted to find out if anyone had taken that route before, what issues were encountered or perhaps what your overall experience was throughout the process.

Also, how does this route affect discussions around extending motor/service plans, reselling the vehicle; and/or other after-car discussions afterwards.

Thanks
 
How is private vehicle finance any different from any other finance?

Basically you are just applying for it yourself instead of having someone do it for you like a dealership, and many people choose to do this anyway to get a better deal.

The car is under 5 years old so shouldn't be any issue at all, if you can afford it obviously.

Getting a service plan or warranty is also a non-issue as Wesbank and the like will offer it to you directly as a bolt-on.

Only difference really is that you do all the paperwork and you need to be patient and so does your buddy.
 
SauRoNZA said:
How is private vehicle finance any different from any other finance?

Basically you are just applying for it yourself instead of having someone do it for you like a dealership, and many people choose to do this anyway to get a better deal.

The car is under 5 years old so shouldn't be any issue at all, if you can afford it obviously.

Getting a service plan or warranty is also a non-issue as Wesbank and the like will offer it to you directly as a bolt-on.

Only difference really is that you do all the paperwork and you need to be patient and so does your buddy.
Click to expand...

If you have any contacts in the used vehicle sales industry they will push the papers for you as if you are purchasing through them. Many a time you will get better interest rates when it is done through a dealership where you have contacts. Also if you have someone at mastercars you would be able to get a bolt on factory motorplan/warranty with the finance.
 
2 options

1. Wesbank does private finance. There is however a lot of ground work that needs to be done, name change and the likes. (Things the FNI normally does) So you're rate will be slightly higher and more red tape. (AFAIK only Wesbank offers this)

2. Go to a car dealership and speak to the FNI. They do it through the dealership's books at an agreed payment. Normally around R 2.5 - 5k
This option however is the easiest and less painful to the buyer. But please use a reputable dealership. You don't want your friend to struggle getting the money out of them.
 
Thanks. I have checked option 1 already, the benefit is that Wesbank does all the paperwork and sends someone out to discuss the quote and any other concerns before you sign on the dotted line, plus I as the buyer am covered against any liability throughout the whole process. Just wanted to find out whether there were any other alternatives or any other noteworthy information to take into account.
 
I've heard of plenty of people getting better rates directly anyway, instead of using a dealership for finance.

But what you could do is make an arrangement with the garage selling him the new car to do the entire deal for you on the second hand car as a condition of that sale.
 
Reviving this thread just to check if anyone knows a trusted dealership to do this in the East Rand?
 
moe46664 said:
Reviving this thread just to check if anyone knows a trusted dealership to do this in the East Rand?
Click to expand...

Dealership are very unlikely to do it at this point due to the CPA becoming their problem.

Why do you want the dealership to do it?
 
SauRoNZA said:
Dealership are very unlikely to do it at this point due to the CPA becoming their problem.

Why do you want the dealership to do it?
Click to expand...

The seller is immigrating soon, and Wesbank are being their usual lazy selves. I thought that a delaership might be able to push papers faster and get it done
 
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