Nissan Finance offers you a comprehensive and highly competitive range of expert solutions for your personal or business needs.
Nissan, in partnership with WesBank, provides you with expertise to assist you with all your finance and insurance needs.
A one-stop-portal for uncomplicated financing solutions, from online calculators, to online finance application and signing your finance contract online.
Get behind the wheel of your next Nissan with our simple three-step finance process
CHOOSE VEHICLE
Choose from a range of vehicle and finance options that best suit your needs.
CALCULATE YOUR AFFORDABILITY
Check your affordability, or complete a pre-finance application in a matter of minutes with our finance tools.
APPLY FOR FINANCE
With Nissan Finance's online finance application you could receive an online credit approval in minutes!
NISSAN FINANCE
Nissan Finance offers you a comprehensive and highly competitive range of expert solutions for your personal or business needs.
Whether it's a private purchase or a vehicle for your business there are a range of finance, Fleet Management and insurance products to suit your needs.
NISSAN FINANCE ACCOUNT SERVICES
Once registered you will have access to real-time account functions such as an account overview, transaction history, statements, settlement quotations and more!
NISSAN FINANCE iCONTRACT
Before you can take delivery of your vehicle, you must carefully read, check and digitally sign a series of important documents.
BALLOON PAYMENT OPTIONS
If you have a balloon payment on your vehicle finance and your finance agreement is due to expire soon, you will need to make a decision if you wish to keep the vehicle.
It's important to know the basic requirements around vehicle finance eligibility.
Applicant requirements
In order to be eligible for WesBank vehicle finance, you as the applicant must:
The required documents are:
Tip: If you are an FNB customer, you may not need to submit all of these documents.
Is that all you need to be approved for vehicle finance?
No. These are only the basic requirements to be considered for vehicle finance. Meeting the above criteria and providing the correct documents are no guarantee of your application being approved. You would also have to have adequate affordability and a healthy credit record.
A vehicle finance agreement - sometimes referred to as a car loan - is a type of formal credit agreement between someone wanting to buy a vehicle (a customer) and a vehicle finance provider (such as WesBank). These agreements allow customers to buy vehicles by paying them off over time, instead of having to come up with the entire purchase price upfront.
This is how it works on a basic level:
As a registered finance provider, WesBank requires prospective customers to apply for finance so that their affordability and creditworthiness can be assessed, in line with the rules and regulations of the National Credit Regulator. The results of those assessments determine whether or not your finance application is approved.
A monthly vehicle repayment, otherwise known as an instalment, is the amount you would pay each month if you were to buy a vehicle through a finance agreement.
The different elements of a deal structure (such as the vehicle price, the payment term, deposit, interest rate and balloon payment) each affect the monthly repayment in different ways.
You can calculate a monthly repayment (and the associated deal structure), with different levels of accuracy:
Vehicle finance calculator
Use our vehicle finance calculator to get an immediate but loose idea of how a given purchase price would translate into a monthly repayment.
Opting for a balloon payment as part of your finance agreement is a way of lowering your monthly repayments (instalments).
A balloon amount is a lump-sum portion of a vehicle's total cost of credit, which becomes due at the end of a finance payment term (if you agreed to pay your car off over 72 repayments, the balloon amount will become due after the 72nd repayment). By taking some of what you owe on your car, separating it and leaving it for last, you make the preceding monthly payments more affordable. The bigger the balloon, the lower the repayment.
Sound complicated?
You can calculate how a balloon affects your deal structure here.
There are a few ways to settle a balloon payment. You can read about them here.
Finance providers have a legal responsibility to provide access to credit that is both fair and non-discriminatory. This is the main reason why you'll be assessed when you apply for any kind of formal credit (vehicle finance included). This need is represented in South African law by the National Credit Act.
As a registered credit provider, there are certain things on which we need to base our decision to grant you vehicle finance or not. The two main considerations are your affordability and your creditworthiness.
What is affordability?
In terms of formal credit, your affordability is a measure of how much you can reasonably manage as a new credit payment, such as a vehicle repayment. It is closely linked to your discretionary income. Your discretionary income is the amount of money you have leftover after deductions and necessary expenses. The higher the monthly repayment for a given vehicle, the higher your discretionary income (and therefore, your affordability) needs to be.
What is creditworthiness
Your creditworthiness is how likely you are to pay the money you owe on time, based on your credit history. If your credit history shows that you can't be relied upon to pay back what you owe, then your chances of being approved for new credit are low, no matter how high your affordability is.
In its simplest terms, interest is the cost of borrowing money, or the cost of buying on credit (which is itself a kind of borrowing). Whenever you pay a person or company back with more than you originally borrowed from them, you are paying some form of interest.
In formal credit (such as vehicle finance), interest is normally charged over time, as a percentage of the amount owing. This is known as the interest rate. The longer you have an outstanding balance with your finance provider, the more interest you'll end up paying.
Vehicle finance interest
In a vehicle finance agreement, the amount that you borrow (to pay for your vehicle) is known as the amount to finance or principal debt. This is the amount of money on which interest is charged over time. The interest is factored into your monthly repayments so that by the end of your payment term, you've paid the total cost of credit.
The total cost of credit is the total amount of money that you end up paying during the duration of your vehicle finance agreement. Here's a simplistic breakdown:
Amount to finance (principal debt)
+ total interest
+ fees (initiation and monthly admin)
= total cost of credit
Note: This example excludes additional fees you might incur (if you default on payments etc).
You can see this illustrated when you enter an amount into our vehicle finance calculator.
How much interest you end up paying depends mainly on the following factors:
Depending on your deal structure, affordability and credit profile, you may have two types of interest rate available to you: either fixed or linked (also referred to as variable).
A fixed interest agreement
With a fixed interest vehicle finance agreement, the interest rate stays the same throughout the payment term, no matter how long that is (a typical payment term is anywhere between 12 and 72 months).
The rate offered with fixed interest agreements is often higher than that offered with linked interest agreements, but it makes it easier to plan for because your monthly repayment amount stays the same.
A linked (variable) interest agreement
With a linked rate agreement, the interest rate is linked to the Prime lending rate, as determined by the South African Reserve Bank (SARB). This means that the amount you end up paying back for your vehicle is affected by any changes to the Prime lending rate. If the Prime lending rate goes up, so will your interest rate. In turn, your monthly repayment amount will also increase.
The potential benefit is that if the Prime interest rate is lowered, your interest rate will also be lowered and so your monthly repayment amount will decrease. The downside is that your monthly repayment amount can increase due to factors outside of your control.
Contact our dedicated Nissan team to speak to a representative
Nissan Finance offers you a comprehensive and highly competitive range of expert solutions for your personal or business needs.
Nissan Finance offers you a comprehensive and highly competitive range of expert solutions for your personal or business needs.
Nissan Finance offers you a comprehensive and highly competitive range of expert solutions for your personal or business needs.