How do I buy a car from Fouche Motors?
You can browse all our vehicles on our website, AutoTrader.co.za, Cars.co.za, CarFind.co.za and Speak to our sales agent more information.
What is "car finance"?
Car finance is a way of paying for a vehicle that involves making a series of fixed, manageable monthly repayments. It is a credit agreement between the borrower and the lender that allows the borrower to spread the cost of a car over a loan term, instead of paying the entire sum upfront.
What types of car finance are available?
While various types of car finance exist – including personal loans and leasing – two especially common types are hire purchase (HP) and personal contract purchase (PCP).
Both of these forms of car finance involve fixed monthly payments and the opportunity to pay an initial deposit upfront. However, a PCP deal gives the borrower the option to return or exchange the vehicle at the end of the finance term, or instead paying a final ‘balloon’ payment to own it.
Who can obtain car finance?
Not everyone can necessarily obtain car finance – this will depend on such factors as the applicant’s age, personal and financial circumstances, employment status and credit rating.
Nonetheless, at Car Finance Genie, we have a strong track record of helping customers to gain approval for car finance even if other lenders have turned them down.
How do I apply for car finance?
The process of applying for car finance through Car Finance Genie is extremely straightforward. It’ll take you just two minutes to complete our application form, and we will make a decision on the same day.
We will compare options across our panel of lenders, which will help us to present you with the most competitive possible no-obligation quote. Once you have been approved for car finance, you can then choose a car from the hundreds available across our carefully selected dealers.
Can I get car finance even if I have bad credit?
We cannot guarantee that any given applicant will be accepted for car finance through us, many of the lenders we represent specialise in offering car finance deals to applicants with poor credit.
Do I need to pay a deposit to get car finance?
You may prefer to put down a deposit for car finance, as this will reduce your subsequent monthly repayments. However, if you would rather not pay a deposit, you can specify this when you apply.
What vehicles can I buy with car finance?
We enjoy partnerships with various carefully selected dealers. This gives you a broad choice of literally hundreds of quality used cars to browse in our stock at any one time – including BMWs, Mercedes-Benzes, Audis, Fords, Nissans, and more.
Even if the car you would like to buy is not included in our current stock, our vehicle sourcing experts can help to find the perfect car for you.
Are there chances of my loan application being rejected ?
Yes, if you have a low credit score, you had defaulted on any payments, have negative remarks like “Settled” or “written off”, salary discrepancies, problems at time of background verification and mistakes in the application form are all reasons to have your loan application rejected. The lender will send a rejection letter which will have all the details of the reason for rejection which you could rectify before applying for the loan again.
Can I get a loan for used cars? What are the factors that affect the interest rate?
Yes you can get a loan to buy used cars but the interest rate will be higher than compared to a new car as the old car has lesser resale value.
The factors that affect the interest rate of the car include your credit score, salary, company your work for, where you stay (rental, own house), debt to income ratio, tenure you choose and most important of all the age and model of the car. The age and model is important as if the car is older it will be subjected to wear and tear. If the car is not in production then the loan rate will increase.
Can interest rates be negotiated?
Yes, interest rates for car loans are not fixed. They can be negotiated. If you are loyal customer to a bank and have made regular payments for previous loan(s), they might consider and revise the existing interest rate for you.