Get Moving with Nedbank Vehicle Finance
Over the years, Nedbank Vehicle Finance has provided millions of customers with highly competitive vehicle finance packages. There are several ways to finance a vehicle purchase and these include:
Instalment Sale Agreement
An instalment sale agreement is one where the payment of the vehicle is made in regular payments or instalments over an agreed period. On approval of the loan, possession and use of the vehicle is transferred to the buyer, but the seller (Nedbank) remains the owner of the property.
Ownership of the vehicle is only transferred when the buyer has paid the full balance of the vehicle. Instalment sale agreements can be for periods ranging from 1 year up to 6 years, with interest being calculated at a fixed rate or on a prime-linked rate.
Financial Lease Agreement
A financial lease agreement is one that allows a customer to finance a vehicle for a period of 5 years or less. At the end of the payment period, the customer may elect to take ownership of the vehicle.
A financial rental agreement is very similar to a financial lease agreement. This type of loan allows customers to make use of the vehicle while renting it for the agreed period.
Ownership only passes to the customer at the end of the period, but there are other options available. The agreement is subject to a maximum period of 60 months, and the amount of the deposit is negotiable. In addition, balloon payments can be factored into the rental agreement.