MFC Car Finance

MFC Car Finance Guide

MFC provides a comprehensive range of vehicle finance solutions to help you secure your dream car while ensuring a smooth and hassle-free experience.

How to Finance Your Vehicle in 5 Easy Steps

1. Know What You Can Afford

  • Budgeting: Determine your affordability by considering vehicle price, insurance, and registration costs.
  • Use Calculators: MFC offers handy calculators to help estimate your monthly payments.

2. Find a Vehicle

  • Shopping: Enjoy the process of finding your car. Test drive multiple options and explore a range of brands.
  • Accredited Dealers: Refer to MFC’s list of accredited dealers for personalized assistance.
  • Auctions: Browse upcoming auctions for potential deals.

3. Apply for Finance

  • Eligibility Criteria:
    • Must be 18 years or older
    • Permanent salaried employment with a minimum salary of R6,500 per month
    • Valid South African driver’s license with no endorsements
    • South African citizen or permanent resident
    • Good credit history
  • Required Documents:
    • Valid South African ID
    • Front and back copy of your driver’s license
    • Proof of income (latest 3 months’ payslips)
    • Proof of residence (utility bill not older than 3 months)
    • For private-to-private finance: vehicle details and seller’s information

4. Get Insurance

  • Compulsory Insurance: Arrange comprehensive insurance for the vehicle before delivery.
  • Nedbank Vehicle Insurance: Protects against third-party claims, loss, or damage.

5. Sign the Contract

  • Acceptance of Delivery: Sign a release note confirming you’re satisfied with the vehicle upon delivery.

Finance Options

MFC offers several financing methods to suit your needs, ensuring a tailored approach to vehicle acquisition.

Additional Services

  • Solar-Energy Finance: Explore financing for eco-friendly vehicle options.
  • Vehicle Cover: Options for protection against unforeseen incidents.
  • Warranties and Service Plans: Ensure your vehicle remains in good condition with coverage options.
  • Credit Shortfall: Protect against financial shortfalls in the event of loss or damage.

Earn Rewards as a Responsible Borrower

By making timely payments on your loans, you can participate in MFC’s Responsible Borrower program, where you could win back your loan balance every three months (up to R1.5 million).

Benefits of Responsible Borrower

  • Timely Payments: Pay your vehicle, home, or personal loan on time to qualify.
  • Greenbacks Rewards: Join the Nedbank Greenbacks Rewards Programme for additional benefits, discounts, and opportunities to use earned points towards loan repayments.