Wesbank Fast Track

[ahoudet]

Hi all,

Just wondering if anyone has used the Webank Fast Track application online?

They don’t give a rate but give a monthly repayment so one can pretty much figure the rate out from there.

Now what I want to know is if this is an estimate or an accurate repayment if one does not add any value-added extras to the deal.

The monthly repayments are significantly lower than what the dealer has offered me, hence me wondering whether or not it’s an estimate.....

 

[SauRoNZA]

Don't see why you would need to fast track something that takes all of 48 hours as it stands.

*****

If repayments are magically that much lower then there is probably a balloon payment bundled in OR the loan term is much longer.

You can get repayment amounts using their calculators without needing to apply for anything.

 

[ahoudet]

Don't see why you would need to fast track something that takes all of 48 hours as it stands.

*****

If repayments are magically that much lower then there is probably a balloon payment bundled in OR the loan term is much longer.

It’s their online application process. Not that I specifically wanted to speed it up

 

[SauRoNZA]

It’s their online application process. Not that I specifically wanted to speed it up

Okay then I must have done that inadvertently but I don't remember all the details as it was two or so years ago.

 

[Pandarye]

Thought I would Necro this thread in order to ask a question following a strange experience I have had with Wesbank.

I am thinking of getting a second vehicle and was trying to get an idea of what it would cost to finance the deal vs buying cash. I found a vehicle I liked for sale online at about R190K, used the specs to fill out the info on Wesbank's website, and they pre approved me straight away. I then submitted another application for a vehicle that was half the price and my application was rejected because I was allegedly at risk of becoming over indebted. If I resubmit the previous application for the more expensive vehicle I am immediately pre approved again.

Never having applied for vehicle finance before I'm not 100% sure how everything works. Is my application for the cheaper vehicle being rejected because I am already approved for the more expensive one? There doesn't seem to be any way to remove applications from my profile on their website.

 

[Foxhound5366]

Thought I would Necro this thread in order to ask a question following a strange experience I have had with Wesbank.

I am thinking of getting a second vehicle and was trying to get an idea of what it would cost to finance the deal vs buying cash. I found a vehicle I liked for sale online at about R190K, used the specs to fill out the info on Wesbank's website, and they pre approved me straight away. I then submitted another application for a vehicle that was half the price and my application was rejected because I was allegedly at risk of becoming over indebted. If I resubmit the previous application for the more expensive vehicle I am immediately pre approved again.

Never having applied for vehicle finance before I'm not 100% sure how everything works. Is my application for the cheaper vehicle being rejected because I am already approved for the more expensive one? There doesn't seem to be any way to remove applications from my profile on their website.

To figure that out you should use Wesbank's car finance calculators on their website, not be putting in actual applications. Cancel the applications. If they're just website applications they shouldn't be hitting your credit profile yet, but each new enquiry you log for credit does stay around on your credit profile and will make it harder to get the loan when you actually pull the trigger. My guess is Wesbank's site has done an affordability assessment and your two enquiries exceed the cap.

 

[Pandarye]

To figure that out you should use Wesbank's car finance calculators on their website, not be putting in actual applications. Cancel the applications. If they're just website applications they shouldn't be hitting your credit profile yet, but each new enquiry you log for credit does stay around on your credit profile and will make it harder to get the loan when you actually pull the trigger. My guess is Wesbank's site has done an affordability assessment and your two enquiries exceed the cap.

Thanks for the tip, that is something I was concerned about. I did use the calculators initially but I was curious to see what terms they would actually offer me as opposed to my wishful figures plugged into the calculator. Needless to say, despite having a solid credit history, I was not impressed with the offer on the first vehicle. Seems as though I will have to contact Wesbank to remove the applications as there doesn't seem to be a self help option to do so.

 

[Foxhound5366]

Thanks for the tip, that is something I was concerned about. I did use the calculators initially but I was curious to see what terms they would actually offer me as opposed to my wishful figures plugged into the calculator. Needless to say, despite having a solid credit history, I was not impressed with the offer on the first vehicle. Seems as though I will have to contact Wesbank to remove the applications as there doesn't seem to be a self help option to do so.

Lol, credit is expensive. Some people here brag about interest rates far under 10%, but I've personally never been that lucky. Technically the interest rate is just part of the overall formula, so you might get offered a killer low interest rate at the expense of a higher monthly repayment or larger balloon etc etc. Be sure to ask MFC for a quote too ... they were the cheapest at the start. Wesbank offers white-labelled finance to a lot of the big OEMs, but if you're buying new your car manufacturer's financial services division might give you the best deal to try and shift units. Although your dealership's F&I person is still going to want to do the actual deal (and might have some preferred banks to work with), if you walk in there with a solid understanding of what the numbers are that you'll be happy with, you'll be in a way better place than just letting them sign you up to anything.