Question 1: People have become tech savvy in our days, now with regards to vehicle finance applications, how does WesBank accommodate this?
There are thousands of activities monthly on WesBank online services which goes to prove that WesBank is catering for the tech savvy today.
At WesBank Online Budgeting tools and Vehicle Financial Advice
WesBank FastApp, a personalised affordability tool that allows finance pre-approval within minutes by completing only five required data fields:
1. Contact details
2. Income
3. Total monthly expenses and
4. Banking information
With the affordability checks done, there’s a list of online vehicle listing sites that provide access to thousands of new and used cars available for sale from dealers, private sellers, or auction houses across the country.
Once you’ve found that dream car, an application can be submitted online, and if approved, the finance deal can also be finalised and signed online. That’s how easy and convenient it has become for buyers to take charge of the vehicle application process and navigate their own way towards freedom of mobility.
Question 2: So once the online process is complete, what are the extra costs that a buyer needs to be aware of ?
There are 3 things that will best respond to that.
- Dealer extra charges: There are extra costs which a dealer charges for vehicle preparation, delivery and licensing. On your Offer To Purchase under accessories, these items should be clearly listed with costing (incl VAT). Standard items include Licensing which includes number plates, documentation fee and delivery fee. A buyer can negotiate the price of these should they feel over-charged. The following items are optional meaning the buyer can opt out. These can include: Smash & Grab, accessories such as tow bar, side steps, leather etc. There are also other extras like Tracker, which are optional. Customers might also be offered Underseal protection as an optional extra. But this is usually not necessary as most vehicles come with corrosion warranty.
- Insurance: Insurance is often compared to an umbrella – you hope you won’t need it, but when you do, you are glad you have it. This applies to all types of insurance, including motor vehicle insurance. For financed vehicles, insurance is compulsory to best protect the financed asset in case of an accident. Insurance premiums are paid for separately to a vehicle installment. There is a worrying trend, though, where car buyers cancel their car insurance soon after taking delivery of their vehicle from the dealership. The best form of insurance to take is comprehensive cover. As the name suggests, comprehensive insurance is an insurance option that covers the car against damage from collisions, fire, theft, third-party claims and other insured events.
WesBank Debt Cover products: WesBank offers a variety of Debt cover products pay car instalments and insurance premiums
- Customer protection plan: This covers your vehicle finance or personal loan debt in the event of unforeseen circumstances such as dread disease, death, disability.
- Retrenchment policy: Have your vehicle finance and insurance premiums paid if you are retrenched or experience a sustained loss of income.
- Insurance shortfall: Cover yourself against any shortfall between your vehicles’ insurance payout and your finance settlement.
- Deposit protector: Cover the full original deposit you put down, no matter the size of your insurance payout (up to R500 000).
important to check current finance & insurance policy unfortunate, unforeseen events.
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