Investec Bank is a private bank geared to serving South Africa’s middle and upper classes. Vehicle financing from the bank is aimed at young professionals and professionals in general. The bank has some of the most competitive interest rates in South Africa. The Investec car finance interest rate can be as low as the prime rate minus 1%.
Those who have an Investec Private Bank Account will find it much easier to obtain credit. This is because private bank account holders, particularly young professionals such as chartered accountants, pilots, lawyers, and engineers, have exceptional benefits.
Investec vehicle finance comes with a tailor-made insurance policy for vehicle financé account holders. The insurance is from Aon South Africa and comes with benefits to the loan account holder.
Investec Vehicle Finance Summary
Investec Vehicle Finance is an Investec Bank motor vehicle lending channel that helps people buy cars. Those with an Investec Private Bank Account can purchase a new vehicle at a prime lending rate of less than 1% interest rate. As a result, the lowest interest rate for holders of private bank accounts is 7.75% minus 1% or 6.75%. The interest rate that will be issued will be subject to affordability and credit assessment.
Investec Vehicle Finance provides structured financing to meet the needs of the borrower. The loan provided by Investec will be able to cover the expenses that will be incurred when buying a motor vehicle. The loan amount taken will be subject to interest.
Investec Vehicle Finance offers affordable finance and a flexible credit facility. The loan can be paid off in six months, which is ideal for anyone who wants to finish their payments as soon as possible. The loan has a maximum repayment period of 60 months. It’s worth noting that the loan imposes penalties for paying off the amount earlier than promised.
If the loan is serviced through the Investec Private Bank Account, there is no administration cost. Any additional funds placed into the loan account throughout the term are available to private bank account holders. Owners of private bank accounts can save money on interest or pay off their loans faster.
Those who use the loan to buy a car from Bidvest McCarthy will receive 1 point for every R5.00 spent. To qualify for the rewards points, the vehicle must be purchased with an Investec loan or via EFT from an Investec Private bank account.
Aon South Africa provides tailor-made vehicle insurance with an Investec vehicle loan. Investec has obtained discounted pricing for the insurance coverage through Aon. The loan has no basic excess, which means the insured will not have to pay any additional fees to repair the vehicle. Furthermore, the insurance policy includes an automatic R25,000.00 credit shortfall coverage.
How Does Investec Vehicle Finance Work?
Investec vehicle finance is accessible to Investec Private Bank Account members, who receive a lower interest rate on their loan. Others who do not have an Investec Private Bank Account can apply for the loan, but they will not be eligible for a lower interest rate.
The loan can be applied for either on the Investec website or on the Investec mobile app. The application procedure is simple and quick, taking only a few minutes to complete. Investec will provide feedback on the vehicle finance application to the applicant.
If the loan is approved, Investec will cover the cost of the applicant’s desired vehicle. If the applicant makes a purchase at a Bidvest McCarthy, they will receive 1 reward point for every R5.00 spent. The purchase of a vehicle at a Bidvest McCarthy dealership might earn you up to 200 000 reward points.
Following the purchase of the vehicle, the vehicle finance account holder will have their vehicle covered with Aon vehicle insurance. The car insurance premiums will be paid in full by the Investec Vehicle Finance account holder. Furthermore, loan repayments will be made by the account holder, who will have 6 to 60 months to repay the debt.
The Advantages of Investec Vehicle Finance
If a loan account holder purchases a vehicle at a Bidvest McCarthy shop in South Africa, they will receive reward points.
Holders of private bank accounts receive a lower interest rate. Private bank account holders can earn prime minus 1%.
There are no charges for administration.
There is an insurance policy that is available whose premiums come at a reduced cost.
Investec Vehicle Finance account holders can access additional funds.
The Disadvantages of Investec Vehicle Finance
The vehicle financing is bundled with an insurance product that others may not like. Some would prefer insurance from other insurance providers.
The interest rate for non-Investec Private Bank Account holders can be high, especially if they don’t have a good credit score.
Investec Vehicle Finance Requirements
One must be over the age of 18 at the time of application.
must at least earn an income.
Proof of income is required (3 monthly bank statements showing a salary deposit and a recent payslip).
Proof of residence that is not older than 3 months at the time of application.
Conclusion
Investec vehicle finance is a good loan option for people who have an Investec private bank account. Private bank account holders benefit more than regular bank account holders, as they have lower interest rates and are not punished for paying off their loans as quickly as feasible.