Wesbank Finance

genetic

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Apr 26, 2008
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So I applied for private vehicle finance through Wesbank online, but after doing some reading on MyBB and the web - I see a lot of complaints about Wesbank and their eagerness to decline finance.

How long does it take to get feedback from them after you apply online?

Can I apply at MFC as well, and see who responds first, or will that work against my pending application at Wesbank?

Thanks!
 

Enzo Matrix

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Dec 15, 2006
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I cant stand their service. If you ask for assistance via the website you have to wait 48hrs before u get a response. Wont ever use them again
 
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bboy

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Jan 21, 2005
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wesbank suck, i actually found absa to be very good, u can even apply online and get pre approved and an interest rate instantly
 

APoc184

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I've had the exact opposite experience with them.

When I first bought a car years ago they were the only bank that would finance me without a massive deposit. They also came in at 4% less interest rate than the other banks.

Recently traded in the old Polo for a newer Turbo Diesel Polo and their initial financing had the interest rate quite high. I asked the dealership to ask them if they can give me the same interest rate as the previous agreement and they agreed with no questions asked.

I've had no problems with them.
 

ciruis

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Sep 3, 2009
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I've had the exact opposite experience with them.

When I first bought a car years ago they were the only bank that would finance me without a massive deposit. They also came in at 4% less interest rate than the other banks.

Recently traded in the old Polo for a newer Turbo Diesel Polo and their initial financing had the interest rate quite high. I asked the dealership to ask them if they can give me the same interest rate as the previous agreement and they agreed with no questions asked.

I've had no problems with them.

Same experience here.
 

genetic

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Apr 26, 2008
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So I've contacted Wesbank, ABSA and Transact for finance quotes - so lets see.

ABSA immediately responded with an interest rate of 11.5% (fixed). Although this still has to be confirmed if and when they phone.
 

SBSP

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Sep 7, 2007
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663
I got 10% from Wesbank, thier service was fairly painless to me.
 

genetic

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Not one financial institution has gotten back to me yet. :(

I applied at ABSA and Wesbank yesterday and Transact this morning.

How long does it take...

*I know I'm impatient.*
 

genetic

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Ok, so I got a call from ABSA - they won't finance a car that is older than 5 years. I'm looking at a 2006 BMW.
 

Shake&Bake

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Jan 19, 2007
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I cant stand their service. If you ask for assistance via the website you have to wait 48hrs before u get a response. Wont ever use them again

Emailed mid december about my Online acc being deactivated - still no response.
 

SauRoNZA

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Jul 6, 2010
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Ok, so I got a call from ABSA - they won't finance a car that is older than 5 years. I'm looking at a 2006 BMW.

That will be the same response from all of them then.

You need a personal loan, or a newer car.
 

APoc184

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Wesbank and Transact say the car must not be older than 10 years, so lets see...

I was also under the impression it is 10 years. Not 5 years like ABSA is saying.

Are you doing it personally or through a dealership?

If personal and it becomes too much of a hassle. A friend of mine wanted to buy a car from a guy on Junkmail once and they also struggled with the banks. They both then asked a car dealership to do the deal for them and if I remember correctly the dealership just added R2500 to the price and make it look like it was financed as a sale from the dealership. Seller still got his asking price.
 

SauRoNZA

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Oh it could be that it's 5 years for a private sale and 10 years through a dealership.

I recall something like that yes.
 

genetic

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Apr 26, 2008
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I've just read this on Imperial Select:

Your chances of qualifying for credit for a car loan can be damaged if your credit report shows a lot of inquiries with no credit issued. Often a used car dealer might check your credit report for buying a used vehicle whilst you are out test driving the used car, so you are advised to have all of these type of unauthorised inquiries removed from your credit report. In order to get your credit report you will have to give all the usual details such as current address, past address, employer etc.
You can go to www.mytransunion.co.za to obtain your credit report.

I've applied at 4 institutions for a quote, and no doubt they will all be doing credit checks - is this now adversely going to affect my credit score?
 

genetic

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Apr 26, 2008
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Carfin came back to me with a quotation.

They didn't give me an interest rate, but I worked it out to 13.4% over 60 months.

Is this average or am I getting shafted? I thought 12% was the average.
 

APoc184

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Sep 6, 2008
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That seems a bit high.

I'm currently on 7.5% (not fixed) with Wesbank
 
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