WesBank has an option where you can sell your car to a private individual and the bank can finance the sale of that vehicle. This product is called P2P – Private To Private sale. When they talk about private sellers, essentially they mean individuals or businesses that are selling cars (not dealerships or auction houses). A transaction between a buyer and a private seller is known as a private sale.
A private seller might be someone you know and trust, like a family member or friend; or they might be a complete stranger that advertised a vehicle for sale. For a first-time buyer, this can be a little intimidating, with concerns about the condition of the car and the seller’s credibility. Thankfully at WesBank, they’ve made the private sale process simple and secure for both buyers and sellers. Selling your vehicle to a private individual with WesBank finance is a simple and cost-efficient process. If the sale goes ahead, WesBank will actively guide you through the roadworthy and technical inspection, and make sure that the funds make their way into your account safely.
As a private buyer, you would start the process by doing a fast application for the vehicle. Once approved, WesBank would get in touch with the seller to make sure they’ve got their details (and that of the car) correct. Once this process is done you get to decide if you’re happy with the results of the roadworthy and technical inspection, and then it’s just a matter of confirming the sale.
Steps to selling your car privately according to WesBank :
Step 1: Sale confirmation
- Once the buyer has been approved for finance on your vehicle, we ask them for your contact details.
- We confirm the vehicle is still for sale and double check the details with you.
Step 2: Sale agreement and invoice
- To make things official, we send you a sale agreement and invoice to complete digitally.
- Once we receive those two documents, it’s time for the roadworthy and technical inspection.
Step 3: Roadworthy & technical inspection
- We guide you on how and where you can carry out a roadworthy test and technical inspection on your vehicle.
- If your vehicle passes, we send the results on to the buyer to check for themselves.
- If the buyer is happy with the results, the deal can go ahead.
Step 4: Sale finalisation
- The buyer signs their vehicle finance contract and the vehicle hand-over can take place.
- With the hand-over complete, we pay you the full sale price of the vehicle, unless the vehicle is financed either at WesBank or another bank. In this case, the settlement value will first be paid to the Bank and the difference to you
Key Aspects of Private to Private Vehicle Finance:
- Who can get it: Private vehicle finance is typically available to individuals who meet the WesBank’s credit application requirements, including having a good credit score and the ability to repay the loan.
- Benefits: Private sales can potentially offer lower prices than dealership purchases, and financing can make these vehicles more accessible.
- Risks: It’s crucial to ensure the car’s legality and condition, and to protect yourself from potential scams or issues with the seller. Its best to use RMI vehicle inspection and verification centres before finalising the process of buying a car.
- Insurance: Comprehensive insurance cover is usually required for vehicles being financed, and this may need to be arranged in advance.