For the easy online application with Wesbank click HERE - GRADUATE FINANCE ONLINE APPLICATION

In South Africa, a significant number of vehicle finance applications are declined due to credit-related issues. According to the National Credit Regulator (NCR), the rejection rate for credit applications in the second quarter of 2023 was a staggering 69.17%. One of the impacted groups are people looking to get their first car but do not have a credit history.  WesBank Graduate Finance has now designed a car finance specifically for graduates stepping into the workforce, this product gives you the freedom to get your first car while building a responsible credit record.

 By supporting young professionals at the start of their financial journey, WesBank is driving a culture of responsible credit and empowering the next generation of car owners. 

What exactly is WesBank Graduate Finance?

WesBank Graduate Finance is a tailored vehicle finance solution for recent graduates who want to buy a car. It’s the ideal option if you don’t yet have a credit history, because you can still qualify for vehicle finance. Your monthly instalments are calculated based on the vehicle price (minus any deposit), the interest rate, term length, and other fees via WesBank’s vehicle finance calculator. Subject to standard credit and affordability checks. 

The product is designed to help young professionals gain mobility, financial independence, and start building a responsible credit record. 

Who qualifies for this package?

 To apply, you need to meet a few criteria:

• Be under 31 years old
• Hold a degree, diploma, or NQF 6 qualification obtained within the last 3 years
• Be employed full-time and earn a minimum of R7,500 per month
• Have a valid South African driver’s license
• Be a South African citizen or permanent resident

If you’ve recently graduated and don’t yet have proof of income, an employment offer letter or signed contractcan also be considered as part of your supporting documents.

How does the application process work?

It’s fast and can be done online on the WesBank website and mobile platforms. Graduates can use the vehicle finance calculator to see real-time affordability for their chosen car. The platform is designed to be user-friendly, helping applicants understand what they can afford without feeling overwhelmed. Additionally, WesBank provides a concierge desk for guidance through the entire car buying process. This means graduates get not just finance, but also support to make smart decisions and avoid common pitfalls.

A graduate can also visit a dealership where they have seen a vehicle they want to buy and inform the Sales Executive and the Finance & Insurance that they want to apply for finance using WesBank’s Graduate Finance. The dealer F&I will require the same documents required online for this application.

What are the key benefits of this package beyond just getting a car? 

 The WesBank Graduate Finance is more than just a loan – it’s a smart start to financial independence:

• Helps graduates build a positive credit record responsibly
• Provides educational resources, like the Adulting 101 car buying guide, to make informed decisions
• Offers onsite and virtual support via the concierge desk
• Encourages long-term financial literacy and independence, which is crucial as graduates step into the workforce

You may also visit WesBank social media platforms they have already posted content social media pages which explain more about the graduate finance package. Visit them on (Facebook – WesBank, @WesBankSA for Instagram, X and TikTok) and YouTube (@WesBankAssetFinance)

For the easy online application with Wesbank click HERE - GRADUATE FINANCE ONLINE APPLICATION