Discover the essential requirements for used vehicle finance.
Our experts at Motorlease are here to guide you through the process and help you meet the necessary criteria for approval.
Applying for used vehicle finance requires meeting several essential requirements. As a specialized service similar to a bond originator but focused on used car finance, we handle the application process for you by submitting it to all the major banks. This process is consolidated into a single application, ensuring it doesn’t negatively impact your credit score. To qualify for used car finance, you must have a good credit record without any adverse information such as slow payments, missed payments, bad debt, or judgments within the past six months. The vehicle you wish to purchase must be a used vehicle from a private seller; we cannot assist with dealership purchases unless the dealership is affiliated with Motorlease. Additionally, the banks only offer finance for vehicles priced at R50,000 or more. If the vehicle, whether a car, motorcycle, caravan, camping trailer or motorhome, is valued under R50,000, a personal loan from your bank would be necessary. Another critical requirement is a minimum monthly income of R8,500. The vehicle should also be no older than 10 years, although in some cases, we may secure approval for vehicles up to 15 years old, depending on the bank and your risk profile. For installment estimations, our vehicle finance calculator can be a helpful tool. Whether you’re looking for private car finance or vehicle refinance, understanding these requirements can help streamline your application process.
Each application might necessitate additional documentation or information, particularly if you intend to purchase a vehicle through your business. We specialize in reviewing applications to maximize your chances of approval, tailoring each submission to the specific requirements of your financial situation. To assist you, we have compiled a list of general documents needed for vehicle financing, whether you are applying in a personal or business capacity. This ensures you have a clear understanding of the necessary paperwork, facilitating a smooth application process.
IT IS EASY TO APPLY!
It is quick and simple to apply for second hand car finance online. You will qualify for used car finance only once we have assessed that you can comfortably meet all your financial commitments. We are a registered credit provider in terms of the National Credit Act and adhere to strict financial regulations for your protection.
Motorlease is unable to finance blacklisted clients for Second hand Car Finance.
