Watch - WesBank Private vehicle finance explained

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Watch - WesBank Private vehicle finance explained

Post by kingr » Thu Nov 22, 2018 7:59 am

How does Wesbank private car finance work?
In this video we explain the entire process on how to finance a vehicle privately with WesBank.

It used to be that the only time one could apply for car finance was when buying a car at a dealership, WesBank is now extending the service to private car transactions too. This is great news for buyers and sellers, as there is a huge second-hand car market in SA, with an equally large percentage involving private deals.

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Re: Watch - WesBank Private vehicle finance explained

Post by Mass » Fri Oct 11, 2019 10:06 am

What are the additional fees when financing privately through Wesbank ? A few years ago Wesbank used to use Titleguard to facilitate the transaction, so that was an additional R5k and would insist that you take out an aftermarket warranty on cars out of motor plan. Do they still do this?
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Re: Watch - WesBank Private vehicle finance explained

Post by Wolfburger » Fri Oct 11, 2019 11:07 am

A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
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Re: Watch - WesBank Private vehicle finance explained

Post by Titleists » Fri Oct 11, 2019 11:08 am

MFC does the transaction for you thus saving the facilitation fee
VCDS changes done by me for a minimal fee

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Re: Watch - WesBank Private vehicle finance explained

Post by kingr » Fri Oct 11, 2019 11:26 am

WesBank does not charge any "admin", "on the road" or "facilitation" fee. The buyer and seller just need to cover the required multipoint check and roadworthy test.

There's is really no hidden fees, an extended warranty does not count as a hidden fee.

Most banks got rid of third-party companies that facilitate private-to-private deals. They've realised that a signed multipoint check by the buyer that's been conducted by an OEM dealer / Dekra center is enough for them to finance the car. Obviously they will do due diligence and check that's the car is not currently financed or stolen.

The rest of the research the buyer needs to conduct himself, so you can use our VIN number check tool to see the accident/body repair history and the car book value if you're not sure if it's a fair deal.
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Re: Watch - WesBank Private vehicle finance explained

Post by 2SCOOPS » Fri Oct 11, 2019 12:10 pm

Mass wrote:
Fri Oct 11, 2019 10:06 am
What are the additional fees when financing privately through Wesbank ? A few years ago Wesbank used to use Titleguard to facilitate the transaction, so that was an additional R5k and would insist that you take out an aftermarket warranty on cars out of motor plan. Do they still do this?
One of the worst companies I have dealt with :bang:
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Re: Watch - WesBank Private vehicle finance explained

Post by 2SCOOPS » Fri Oct 11, 2019 12:13 pm

Wolfburger wrote:
Fri Oct 11, 2019 11:07 am
A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
not a necessity to take the aftermarket warranty. just ask them to exclude form finance deal and thereafter your choice if you want to purchase one or not.
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti(ex)
2010 Honda Civic Type R - Championship Edition(ex)
2011 VW Golf 6 GTI DSG(ex)
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC(ex)
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Re: Watch - WesBank Private vehicle finance explained

Post by Wolfburger » Fri Oct 11, 2019 12:15 pm

2SCOOPS wrote:
Fri Oct 11, 2019 12:13 pm
Wolfburger wrote:
Fri Oct 11, 2019 11:07 am
A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
not a necessity to take the aftermarket warranty. just ask them to exclude form finance deal and thereafter your choice if you want to purchase one or not.
Exactly what i just said.
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Re: Watch - WesBank Private vehicle finance explained

Post by 2SCOOPS » Fri Oct 11, 2019 12:16 pm

Wolfburger wrote:
Fri Oct 11, 2019 12:15 pm
2SCOOPS wrote:
Fri Oct 11, 2019 12:13 pm
Wolfburger wrote:
Fri Oct 11, 2019 11:07 am
A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
not a necessity to take the aftermarket warranty. just ask them to exclude form finance deal and thereafter your choice if you want to purchase one or not.
Exactly what i just said.
:thumbup:
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti(ex)
2010 Honda Civic Type R - Championship Edition(ex)
2011 VW Golf 6 GTI DSG(ex)
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC(ex)
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Re: Watch - WesBank Private vehicle finance explained

Post by kingr » Mon Oct 14, 2019 1:59 pm

Extended warranties are required by certain banks, they will not proceed without proof of the extended warranty. Same goes for insurance.
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Re: Watch - WesBank Private vehicle finance explained

Post by sbu.mah » Mon Oct 14, 2019 4:42 pm

kingr wrote:Extended warranties are required by certain banks, they will not proceed without proof of the extended warranty. Same goes for insurance.
Didn't know extended warranty it's a must, I know insurance it's non negotiable when it comes to banks

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Re: Watch - WesBank Private vehicle finance explained

Post by Wolfburger » Wed Oct 16, 2019 10:05 am

Those extended warranties are useless anyway for the amount you pay and the cover per component is crazy - especially if you have a high mileage 2nd hand car the cover amounts are ridiculously low but i guess any bit of penny helps in such situations.
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