How To: WesBank’s Expert Guide to Affordable Vehicle Finance

With living costs rising across South Africa, buying a car has become a careful balancing act between necessity and affordability. For many households, securing smart vehicle finance is what makes the purchase possible. WesBank, which has over five decades of experience in vehicle and asset finance, has shared practical guidance on navigating the finance process.

A family that has purchased an affordable car

“Car buyers deserve to feel confident and informed when choosing how to finance their next vehicle,” said Lebo Gaoaketse, Head of Marketing and Communication at WesBank. “The more you know, the better your chances of getting a deal that truly works for you.”

Your Credit Record Matters Most

Your credit profile is the single most important factor when applying for vehicle finance. Lenders use your credit record to assess risk, which directly influences both approval and the interest rate you’ll be offered. A healthy credit profile means access to better finance terms.

If you’re struggling with payments, WesBank advises speaking to your lender before missing any payments. “Talking to your lender is always better than missing a payment,” Gaoaketse said. “Most lenders offer support to help customers stay on track.”

Proactive communication protects your credit record and keeps you in control of the situation.

Choosing a car that fits your budget

While a strong credit history is vital, the car you select must also be a realistic fit for your budget, considering the vehicle’s cost and your income. WesBank highlights the importance of honesty and practicality during this decision-making phase.

Gaoaketse advises consumers to pause and reflect: “Is a brand-new model really necessary, or would a well maintained pre-owned car suit your needs? And is a luxury brand essential or will a more affordable option still offer everything you need?”. Being honest about what you can truly afford is the first step toward smart vehicle ownership.

Key components of the finance agreement, such as the contract length, whether you pay a deposit, or the inclusion of a balloon payment, will also play a role in the deal’s overall structure and cost.

WesBank noted that information such as age or gender is captured only for reporting purposes and has no impact on interest rates or application outcomes.

Compare offers before signing

Even after receiving approval for finance, WesBank urges customers to take their time and resist the urge to immediately accept the first offer.

“Compare what different lenders are offering,” Gaoaketse recommends. This final step ensures you are getting the most favourable terms available.

A couple signing a vehicle finance contract.

And if a deal simply doesn’t feel right, or doesn’t align with your budget, remember that you have the power to walk away. “It is completely okay to walk away. There will always be other options,” assures Gaoaketse.

Taking time to compare options can save thousands over the life of a finance agreement. The power to choose remains with the buyer.

Making informed decisions

WesBank’s guidance centres on three core principles: understand your credit position, choose a realistic vehicle, and compare finance offers thoroughly. These steps help South African car buyers secure deals that work for their specific circumstances rather than stretching budgets beyond comfortable limits.

Learn more about securing your smart vehicle finance deal today. Visit WesBank at www.wesbank.co.za.