Vehicle Financing on a Temporary Residency Permit

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Vehicle Financing on a Temporary Residency Permit


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Old 2nd August 2014, 02:51 PM
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Default Vehicle Financing on a Temporary Residency Permit

Hi all

I am new to the forum and I am looking for guidance on obtaining vehicle financing as a temporary resident. I have lived, studied and worked in South Africa since 2011. I am now finally in a position to purchase a new vehicle after using a student run around for so many years.

I am struggling to find reasonable vehicle financing deals. The only bank who will provide me with financing are WesBank, who are offering me a 21 month loan (the remaining period of time on my permit), at a rate of 18.2% with a R35,000 deposit. Apart from the offer being extortionate the repayments are not affordable to me.

I have a good credit record and a full time job, which requires me to own a vehicle. Does anyone have experience of finding away around vehicle financing being limited to the length of time left on ones permit? And on how to obtain a reasonable interest rate?

Please share experiences and advice.

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Old 2nd August 2014, 05:18 PM
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Hi Ben,

Unfortunately there is no way around this. I tried numerous times while still on TR. I convinced them that I didn't need a local driver's licence for insurance purposes but they would not give me anything more than length of my TRP expiry date. The banks are suspicious of foreigners who borrow money. Even when I had Permanent Residency I had to do some convincing to get finance.

All I can suggest is to loan from your folks back home or save your money and buy cash.

Regards
H


Quote:
Originally Posted by AfricaBen View Post
Hi all

I am new to the forum and I am looking for guidance on obtaining vehicle financing as a temporary resident. I have lived, studied and worked in South Africa since 2011. I am now finally in a position to purchase a new vehicle after using a student run around for so many years.

I am struggling to find reasonable vehicle financing deals. The only bank who will provide me with financing are WesBank, who are offering me a 21 month loan (the remaining period of time on my permit), at a rate of 18.2% with a R35,000 deposit. Apart from the offer being extortionate the repayments are not affordable to me.

I have a good credit record and a full time job, which requires me to own a vehicle. Does anyone have experience of finding away around vehicle financing being limited to the length of time left on ones permit? And on how to obtain a reasonable interest rate?

Please share experiences and advice.

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Old 4th August 2014, 10:31 AM
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I guess it depends on the Banks which you are applying to.I got vehicle financing in 2011 while on a TRP. The bank offered me a 11% rate and 25% deposit. and also only for the duration of my permit.I think the one thing that worked for me was I had a good credit record-only an MTN and Edgars account which I religiously paid for about a year before I got the car loan.
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Old 6th August 2014, 08:08 AM
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I would definitely suggest saving up and using cash or seeing if your folks back home can transfer you money. My boyfriend and I are in the same boat in trying to get a car for me, and we decided to have money transferred in. It'll take some time, but it's less of a hassle.

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