MFC is the Nedbank car finance offering. It stands for Motor Finance Corporation. Due to a merger between MFC and Nedbank Vehicle and Asset Finance, the previously named Motor Finance Corporation is now simply known as MFC.
The approach of this enterprise is to offer cost-effective services to clients, through the use of leading technology and motivated, well-trained staff.
If you are looking for Nedbank car finance as a blacklisted person in South Africa, there is no such thing. You can find out more about blacklisted vehicle finance here: Can you Buy a Car or get Car Finance while Blacklisted?
MFC being a division of Nedbank have strict policies in place for lending. Blacklisted car finance is known as high risk lending and most banks cannot help with it.
MFC Car Finance from Nedbank offers a full range of services relating to vehicle purchase and sale
For a prospective buyer, the website lays out a simple 3 step process:
- – Calculate
- – Find a MFC accredited dealer
- – Choose a finance option
MFC offers 2 types of finance option:
- – Instalment agreement
- – Lease agreement
An instalment agreement applies when a buyer “purchases goods from the bank over a negotiated period at an agreed interest rate”.
Here the buyer agrees to pay the full value plus finance charges and interest over an amount of time. Once this is paid up in full, ownership of the vehicle is transferred into the buyer’s name.
The key features of this approach are:
- You can structure the repayment period and deposit amounts around your needs and situation
- Repayment periods can range from 24 – 72 months
- Interest rates can be linked to the Prime Lending Rate or they can be fixed for the duration of the lending period.
- As the buyer you have an option to choose a balloon payment
- You can take ownership of the goods once the final instalment has been paid.
A lease agreement allows client “uninterrupted use of goods rather than ownership of these goods”. Here, the client selects a vehicle or another durable item for his own use. This item is then purchase by the bank, and the client pays rental to the bank to allow them to use this item during the specified period of time.
There are 4 options available to clients who have entered into a lease agreement, once this contract period comes to an end:
- – Give the asset back to the bank
- – Buy the asset from the bank
- – Sell or trade-in the asset on behalf of the bank
- – Lease the asset for a further period from the bank
The features of this option are very similar to the instalment sale. However, a bonus here is that the monthly rental payments are tax deductible.
Deciding which option to go for will ultimately depend on whether you want to keep the asset or only use it for a period of time. Your decision will also need to factor in what you can afford to purchase. And how much you can afford to pay each month.
Nedbank’s Finance Motor Corporation offers options which can be tailored to your specific needs and financial situation. Making the MFC a viable option to consider when looking for vehicles, finance, insurance and warranty options.
Nedbank Car Loans with MFC
Nedbank car loans are for those who need vehicle finance as they do not have the cash of their own.
When you borrow money from the bank, it is more promising than borrowing from somewhere else. And MFC car loans have affordable interest rates so you don’t end up paying back a fortune.
You can apply online for finance as it will be a lot easier for you. Otherwise you can go into your nearest branch and talk to them about the vehicle finance.
There is a step by step guide to MFC Nedbank car finance on their website here.
It doesn’t matter whether you want the vehicle for business reasons or personal use, apply today and wait for the approval to come your way.
There are different amounts that you can choose from when you are in need of one of the Nedbank car loans. You should take exact the amount you need for the vehicle and no more. Don’t think about keeping the change for new things you need at home. The less the finance is, the less you have to pay back.
Vehicle finance is great as you don’t have to have a large amount of money in order for you to purchase a business or personal vehicle. Apply online and get a loan that you will pay back monthly. Which makes buying a vehicle in South Africa more affordable.
Nedbank will be able to tell you more about the loans they offer. The info regarding the amount and interest rate is very important. So make sure you understand all that and are okay with it before you get an approval.
You can make a large loan and buy a brand new vehicle. Or you can apply for smaller car finance and get a used vehicle that is still in good condition.
Nedbank car loans are easy to apply for through MFC vehicle finance and you can do it on the Internet for added convenience.