Frequently Asked Questions

Q: What are the fees?
A: Our fees are as follows: R3 500.00 including VAT as an admin fee (service & delivery), which includes vehicle verification, Financial & Insurance manager to sign the deal. We ensure all compliance is met to the bank’s specifications. License and registration is separate.
Q: What criteria do I need to meet in order to apply for Vehicle Finance?
A: Your ITC record must be clean with no defaults or judgments against you. You need to be permanently employed (and preferably earning R6 500-00 or more per month). The vehicle price should not be below R50 000-00 and the year model must be between 2005 and 2014. You must have a South African ID book as well as a South African Drivers License. Exceptions in these cases may be made, so we encourage you to apply as it will not cost you if your application is unsuccessful.
Q: Do I need a deposit in order to finance the car I wish to purchase?
A: Not necessarily. In most cases a deposit is not required and we will endeavour to have your loan approved on that basis, however, it is always advisable to provide a deposit since a deposit will make the loan amount less.
Q: I am buying privately, is it safe?
A: Private to Private is very risky and this type of transaction is made safer through us. We will ensure the vehicle is not stolen and carry out the necessary checks and manage the payment process
Q: Is car insurance compulsory when applying for vehicle finance?
A: Yes, car insurance is compulsory. Financial & Insurance manager will gladly assist you in getting the best possible rate for your car finance and insurance.
Q: What is refinance and how would it benefit me?
A: Bargain Auto Finance offers a unique service called “refinance” which offers our clients the chance to lower their monthly premiums and interest rates. In order to qualify for refinance, you need an updated settlement letter and the car in question must be within its book value (retail value).
Q: How important is a mechanical warranty?
A: In most cases you are buying a second hand vehicle and it is strongly advisable to purchase a mechanical warranty. Our Financial & Insurance manager will guide you on which policy and add it to your bank finance making it very affordable
Q: Should I consider the extra insurance the bank will offer me?
A: Our Financial & Insurance manager will guide you through this process in terms of life insurance as well as a very important insurance that covers the balance of what is owing on the vehicle should you lose your job or should there be a shortfall owing on your contract if you are in an accident.