Answer
Dec 28, 2016 - 07:54 PM
Hi Mike,
It depends on the type of car, price, and the individual's credit scoring as such but usually, and this holds true for Wesbank Finance and MFC (Nedbank), as a standard ruling they will not finance a vehicle older than 10 years. If someone were to approach them wanting to purchase privately a 2005 Corolla, within its retail price, Wesbank Finance would consider it as Toyota holds value over a BMW for example.
Absa Vehicle Financing does not finance vehicles over 5 years and usually for a 72-month term. They would, however, consider older models but it would also depend on their own assessment measures and if they were to allow it the finance term would then be shorter - 36 months to be exact.
Hope this answers your question.
The AutoTrader Team
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