Watch - WesBank Private vehicle finance explained
- kingr
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Watch - WesBank Private vehicle finance explained
How does Wesbank private car finance work?
In this video we explain the entire process on how to finance a vehicle privately with WesBank.
It used to be that the only time one could apply for car finance was when buying a car at a dealership, WesBank is now extending the service to private car transactions too. This is great news for buyers and sellers, as there is a huge second-hand car market in SA, with an equally large percentage involving private deals.
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In this video we explain the entire process on how to finance a vehicle privately with WesBank.
It used to be that the only time one could apply for car finance was when buying a car at a dealership, WesBank is now extending the service to private car transactions too. This is great news for buyers and sellers, as there is a huge second-hand car market in SA, with an equally large percentage involving private deals.
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Kurt #3337
Current:
- 10" Mx5 NC2 (main daily)
- 12" Toyota Hilux D/C 2.5tdi 4x4 (tow car / vacay)
- 2020 Mini Cooper S Clubman (swambo)
- 80" VW Mk1 2 Door Golf 8vt project 192wkw/314nm, 13,3s@173kph Kby Drags
Ex: 07" G5 GTi, 13" ST180, 03" Mk4 2 door 1.8T Stage 2, 07" Velo 1.6, 83" Mk1 GT 2.0 8v MP9, 87" Mk1 1.6 CitiSport, 88" Mk2 2.0 16v, 83" Mk1 GT 1.6 + 40 webers
Current:
- 10" Mx5 NC2 (main daily)
- 12" Toyota Hilux D/C 2.5tdi 4x4 (tow car / vacay)
- 2020 Mini Cooper S Clubman (swambo)
- 80" VW Mk1 2 Door Golf 8vt project 192wkw/314nm, 13,3s@173kph Kby Drags
Ex: 07" G5 GTi, 13" ST180, 03" Mk4 2 door 1.8T Stage 2, 07" Velo 1.6, 83" Mk1 GT 2.0 8v MP9, 87" Mk1 1.6 CitiSport, 88" Mk2 2.0 16v, 83" Mk1 GT 1.6 + 40 webers
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- Enlisted
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Re: Watch - WesBank Private vehicle finance explained
What are the additional fees when financing privately through Wesbank ? A few years ago Wesbank used to use Titleguard to facilitate the transaction, so that was an additional R5k and would insist that you take out an aftermarket warranty on cars out of motor plan. Do they still do this?
- Wolfburger
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Re: Watch - WesBank Private vehicle finance explained
A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
Current: 2015 6C Cross Polo TSI(Honey Orange) - Ginger
2009 Golf 5 GTI DSG - OEM Look - Sold
2007 Polo 9N3 Black Magic - Sold
1998 Bottle Green Jetta VR6 Executive - Sold
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2009 Golf 5 GTI DSG - OEM Look - Sold
2007 Polo 9N3 Black Magic - Sold
1998 Bottle Green Jetta VR6 Executive - Sold
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Re: Watch - WesBank Private vehicle finance explained
MFC does the transaction for you thus saving the facilitation fee
- kingr
- VWCSA Member
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Re: Watch - WesBank Private vehicle finance explained
WesBank does not charge any "admin", "on the road" or "facilitation" fee. The buyer and seller just need to cover the required multipoint check and roadworthy test.
There's is really no hidden fees, an extended warranty does not count as a hidden fee.
Most banks got rid of third-party companies that facilitate private-to-private deals. They've realised that a signed multipoint check by the buyer that's been conducted by an OEM dealer / Dekra center is enough for them to finance the car. Obviously they will do due diligence and check that's the car is not currently financed or stolen.
The rest of the research the buyer needs to conduct himself, so you can use our VIN number check tool to see the accident/body repair history and the car book value if you're not sure if it's a fair deal.
There's is really no hidden fees, an extended warranty does not count as a hidden fee.
Most banks got rid of third-party companies that facilitate private-to-private deals. They've realised that a signed multipoint check by the buyer that's been conducted by an OEM dealer / Dekra center is enough for them to finance the car. Obviously they will do due diligence and check that's the car is not currently financed or stolen.
The rest of the research the buyer needs to conduct himself, so you can use our VIN number check tool to see the accident/body repair history and the car book value if you're not sure if it's a fair deal.
Kurt #3337
Current:
- 10" Mx5 NC2 (main daily)
- 12" Toyota Hilux D/C 2.5tdi 4x4 (tow car / vacay)
- 2020 Mini Cooper S Clubman (swambo)
- 80" VW Mk1 2 Door Golf 8vt project 192wkw/314nm, 13,3s@173kph Kby Drags
Ex: 07" G5 GTi, 13" ST180, 03" Mk4 2 door 1.8T Stage 2, 07" Velo 1.6, 83" Mk1 GT 2.0 8v MP9, 87" Mk1 1.6 CitiSport, 88" Mk2 2.0 16v, 83" Mk1 GT 1.6 + 40 webers
Current:
- 10" Mx5 NC2 (main daily)
- 12" Toyota Hilux D/C 2.5tdi 4x4 (tow car / vacay)
- 2020 Mini Cooper S Clubman (swambo)
- 80" VW Mk1 2 Door Golf 8vt project 192wkw/314nm, 13,3s@173kph Kby Drags
Ex: 07" G5 GTi, 13" ST180, 03" Mk4 2 door 1.8T Stage 2, 07" Velo 1.6, 83" Mk1 GT 2.0 8v MP9, 87" Mk1 1.6 CitiSport, 88" Mk2 2.0 16v, 83" Mk1 GT 1.6 + 40 webers
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- Cadet
- Posts: 73
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- Location: Gauteng
Re: Watch - WesBank Private vehicle finance explained
One of the worst companies I have dealt withMass wrote: ↑Fri Oct 11, 2019 10:06 am What are the additional fees when financing privately through Wesbank ? A few years ago Wesbank used to use Titleguard to facilitate the transaction, so that was an additional R5k and would insist that you take out an aftermarket warranty on cars out of motor plan. Do they still do this?
Current:
2011 BMW E90 320d M Sport Auto
Ex
2012 VW Golf 6R DSG
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti
2010 Honda Civic Type R - Championship Edition
2011 VW Golf 6 GTI DSG
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC
2011 BMW E90 320d M Sport Auto
Ex
2012 VW Golf 6R DSG
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti
2010 Honda Civic Type R - Championship Edition
2011 VW Golf 6 GTI DSG
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC
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- Cadet
- Posts: 73
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Re: Watch - WesBank Private vehicle finance explained
not a necessity to take the aftermarket warranty. just ask them to exclude form finance deal and thereafter your choice if you want to purchase one or not.Wolfburger wrote: ↑Fri Oct 11, 2019 11:07 am A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
Current:
2011 BMW E90 320d M Sport Auto
Ex
2012 VW Golf 6R DSG
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti
2010 Honda Civic Type R - Championship Edition
2011 VW Golf 6 GTI DSG
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC
2011 BMW E90 320d M Sport Auto
Ex
2012 VW Golf 6R DSG
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti
2010 Honda Civic Type R - Championship Edition
2011 VW Golf 6 GTI DSG
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC
- Wolfburger
- Cadet
- Posts: 474
- Registered for: 8 years
- Car Make: VW
- Car Model: 6C Cross Polo
- Location: The Dale - JHB South
- Contact:
Re: Watch - WesBank Private vehicle finance explained
Exactly what i just said.2SCOOPS wrote: ↑Fri Oct 11, 2019 12:13 pmnot a necessity to take the aftermarket warranty. just ask them to exclude form finance deal and thereafter your choice if you want to purchase one or not.Wolfburger wrote: ↑Fri Oct 11, 2019 11:07 am A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
Current: 2015 6C Cross Polo TSI(Honey Orange) - Ginger
2009 Golf 5 GTI DSG - OEM Look - Sold
2007 Polo 9N3 Black Magic - Sold
1998 Bottle Green Jetta VR6 Executive - Sold
Admin to : https://www.facebook.com/pg/ScenePointsSa
2009 Golf 5 GTI DSG - OEM Look - Sold
2007 Polo 9N3 Black Magic - Sold
1998 Bottle Green Jetta VR6 Executive - Sold
Admin to : https://www.facebook.com/pg/ScenePointsSa
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- Cadet
- Posts: 73
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- Location: Gauteng
Re: Watch - WesBank Private vehicle finance explained
Wolfburger wrote: ↑Fri Oct 11, 2019 12:15 pmExactly what i just said.2SCOOPS wrote: ↑Fri Oct 11, 2019 12:13 pmnot a necessity to take the aftermarket warranty. just ask them to exclude form finance deal and thereafter your choice if you want to purchase one or not.Wolfburger wrote: ↑Fri Oct 11, 2019 11:07 am A friend of mine did this was relatively quick and hassle free - provided that the technical report and roadworthy test is in order - should take no longer then 2 days if all is in order. They will insist on a aftermarket warranty and they will offer you Motorite - i'd suggest you take you own one out as the one they offer is a upfront 6-8k cash which gets included in the princple debt which will incur interest as well.
Current:
2011 BMW E90 320d M Sport Auto
Ex
2012 VW Golf 6R DSG
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti
2010 Honda Civic Type R - Championship Edition
2011 VW Golf 6 GTI DSG
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC
2011 BMW E90 320d M Sport Auto
Ex
2012 VW Golf 6R DSG
2009 VW Golf 5 GTI DSG
2014 VW Golf 7 Gti
2010 Honda Civic Type R - Championship Edition
2011 VW Golf 6 GTI DSG
2003 RunX RSi(RIP) :weep:
1998 Civic VTEC
- kingr
- VWCSA Member
- Posts: 3402
- Registered for: 16 years 8 months
- Car Make: VW, Mini, Slowyota
- Car Model: Mk1 2 Door, Hilux D/C
- Membership No: 3337
- Location: Groot Gat
Re: Watch - WesBank Private vehicle finance explained
Extended warranties are required by certain banks, they will not proceed without proof of the extended warranty. Same goes for insurance.
Kurt #3337
Current:
- 10" Mx5 NC2 (main daily)
- 12" Toyota Hilux D/C 2.5tdi 4x4 (tow car / vacay)
- 2020 Mini Cooper S Clubman (swambo)
- 80" VW Mk1 2 Door Golf 8vt project 192wkw/314nm, 13,3s@173kph Kby Drags
Ex: 07" G5 GTi, 13" ST180, 03" Mk4 2 door 1.8T Stage 2, 07" Velo 1.6, 83" Mk1 GT 2.0 8v MP9, 87" Mk1 1.6 CitiSport, 88" Mk2 2.0 16v, 83" Mk1 GT 1.6 + 40 webers
Current:
- 10" Mx5 NC2 (main daily)
- 12" Toyota Hilux D/C 2.5tdi 4x4 (tow car / vacay)
- 2020 Mini Cooper S Clubman (swambo)
- 80" VW Mk1 2 Door Golf 8vt project 192wkw/314nm, 13,3s@173kph Kby Drags
Ex: 07" G5 GTi, 13" ST180, 03" Mk4 2 door 1.8T Stage 2, 07" Velo 1.6, 83" Mk1 GT 2.0 8v MP9, 87" Mk1 1.6 CitiSport, 88" Mk2 2.0 16v, 83" Mk1 GT 1.6 + 40 webers
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Re: Watch - WesBank Private vehicle finance explained
Didn't know extended warranty it's a must, I know insurance it's non negotiable when it comes to bankskingr wrote:Extended warranties are required by certain banks, they will not proceed without proof of the extended warranty. Same goes for insurance.
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- Wolfburger
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Re: Watch - WesBank Private vehicle finance explained
Those extended warranties are useless anyway for the amount you pay and the cover per component is crazy - especially if you have a high mileage 2nd hand car the cover amounts are ridiculously low but i guess any bit of penny helps in such situations.
Current: 2015 6C Cross Polo TSI(Honey Orange) - Ginger
2009 Golf 5 GTI DSG - OEM Look - Sold
2007 Polo 9N3 Black Magic - Sold
1998 Bottle Green Jetta VR6 Executive - Sold
Admin to : https://www.facebook.com/pg/ScenePointsSa
2009 Golf 5 GTI DSG - OEM Look - Sold
2007 Polo 9N3 Black Magic - Sold
1998 Bottle Green Jetta VR6 Executive - Sold
Admin to : https://www.facebook.com/pg/ScenePointsSa