While for most of us, the purchasing of a vehicle constitutes an infrequent but massive financial decision that impacts our immediate future, the dealerships we enter into business with structure multiple deals per day and see it as just another day at the office when dealing with our protective purchase. This means that they operate under the assumption that you know what documents are required for the vehicle purchasing process, so our goal in this article is to inform you so that you can head into your next purchase with the requisite documents and with absolute confidence.
What documents do I need?
If you are going to test drive a vehicle you will need to sign a disclaimer and of course, have your valid South African driving licence with you.
After test driving and inspecting the vehicle that you are after, you will be expected to sign a quote on the vehicle, which contains all the costs associated with purchasing the car. Once you are happy with this, you can move on to the finance application.
When it comes to the vehicle finance application process, the following are required:
-Identity document(ID)- Your South African ID or passport are accepted and certified copies may be submitted.
-Proof of residence- Any account billed to you at your place of residence will suffice here.
-Proof of income- This will come in the form of your three most recent bank statements and your three latest payslips.
Once the finance is approved and you are ready to take delivery you will be required to sign and present the following documents:
-An offer to purchase (OTP)- The OTP is a legally binding contract stipulating your internet to purchase a vehicle.
-Your ID- Proof of identification will be required when taking delivery of your new vehicle.
- Delivery note- If you are happy with the vehicle at the time of collection, you sign a delivery note, which is the final legally binding document in the deal
