Personal Loans

Personal Loans

A growing trend is to finance your car through a personal loan. Various factors have contributed to this local phenomenon over the last couple of years:

Why A Personal Loan

The credit criteria for personal loans differ from that of normal vehicle finance, resulting in more and more people opting for loans.

Age Of The Vehicle

Vehicles older than 5 years have lost significant book value. Asset financiers will feel they have less recourse to such vehicles and their approval rate on older cars is therefore more conservative.

Ease Of Transaction

The personal loans process is much easier and quicker than the finance process, with less paperwork.

Higher Interest Rate

Because there is no recourse to the asset, interest rates are higher with loans than with finance.

Requirements For Loans
  • RSA ID
  • Payslip
  • Bank Account
  • Proof of Address
Loan Calculator

Use the calculator below to calculate how much you can afford to borrow.