Nedbank focuses on second-hand vehicle financing
Due to the current economic situation in the country and requests from customers in the vehicle finance market, local bank, Nedbank has relaxed their criteria for financing pre-owned vehicles and extended the qualifying criteria for financing models dating back to 2011.
According to the bank, similar to new vehicles, regulation to protect consumers still require a 10% deposit on the purchase, but the bank will now allow customers to pay the outstanding amount back over 54 months just like new vehicle purchases and the offer is only valid up until 31 December.
Nedbank said in terms of repayment, similar options to restructure repayment periods exist and clients can speak to their vehicle finance department to guide them and come up with a solution that suites their current needs.
“In some cases people also need new vehicles, despite the prevailing economic climate. With that in mind we decided, for the time being, to shift our focus to a portion of the market that is not traditionally well-supported by banks: the pre-owned vehicle market,” the bank said.
Nedbank said that this essentially means that customers can now buy a pre-owned vehicle with the same criteria usually applicable to new vehicle purchases. “We believe this may be a better option for many consumers as pre-owned vehicles are more affordable and combined with Nedbank financing, easier to purchase and repay,” the bank added.
The bank believes that the move may be a better option for many consumers as pre-owned vehicles are more affordable and combined with Nedbank financing, easier to purchase and repay.
Earlier in the year to help with finances, Nedbank also launched a campaign to inform consumers that they would be able to restructure their home loans over longer repayment periods, to ease the monthly payments.
“The longer-term total repayment will increase as a result, but consumers can also restructure their home loans to shorter repayment periods when their situation improves. The aim is to provide relief in the current economic environment,” the bank said.
Furthermore with similar intentions the bank also announced a transactional account with one flat fee of N$120 per month, inclusive of all transactions, in order to help Namibians save on banking fees and have more money in their pockets.