vehicle financing for beginners

Vehicle financing for beginners


Are you ready to take that big step of buying your first car, but have no idea how the vehicle financing process works? Do not fear, as Iemas has an easy step-by-step guide to assist you during this very exciting journey:

  1. Find your dream car. Remember that you can use a vehicle sourcing provider, such as Iemas, to find the perfect ride on your behalf to suit your unique needs. Make sure that you test drive the vehicle to ensure that you get what you will be paying for.
  2. Find a vehicle finance service provider, such as Iemas Vehicle Financing, and get in touch with a vehicle finance consultant. They will assist you in getting started with the finance application.
  3. Apply for vehicle finance by filling in a vehicle finance application form and submitting the required supporting documentation such as your most recent payslip etc. Make sure that your application is completed accurately so that a proper assessment can be made and to avoid an unnecessary delay in the process.
  4. Wait for the outcome of your application Your consultant will provide you with information on your monthly instalment amount, as well as the terms and conditions of the contract should your application be successful. At this point you will also have the opportunity to consider including add-ons if you buy a brand new car.
  5. Find a vehicle insurance provider. It is a standard practice by all financial institutions that you are required to purchase comprehensive vehicle insurance before you take delivery of your new vehicle. To make the process easier, you can use a short-term insurance broker, such as Iemas Insurance Brokers. Your broker will provide you with various quotes to choose from and will assist you throughout the entire process of ensuring that your new set of wheels is adequately insured.
  6. Do your financial planning once you have all the information regarding your monthly instalment amount as well as your monthly insurance premium. It is important to draw up a budget to plan for this new financial commitment. Remember that your vehicle finance consultant is just a phone call away if you have any further queries relating to your vehicle finance instalment or any other details regarding the transaction.
  7. Sign your contact. Your vehicle finance consultant will discuss the terms and conditions of the contract with you. Remember to keep a copy of the signed vehicle finance agreement, including the terms and conditions on record.
  8. A delivery note is issued, which means that you will receive your car keys and can now drive away in style!
  9. Be credit courteous. As a first-time car buyer and credit-active consumer you have the opportunity to build a pristine credit profile. This means making all your payments on time, and in full. This credit payment behaviour is attractive to financial institutions, and your good reputation will put you in a position to easily obtain credit in the future.

Let Iemas’ vehicle finance solution put you in the driver’s seat. Remember, Iemas not only offers competitive and affordable vehicle finance options, but we can also assist with refinancing your vehicle or find your dream car on your behalf. We are as proud of your new wheels as you are, which is why Iemas also provides short-term insurance for those unfortunate incidents. Contact Iemas Financial Services on 0861 043 627 to speak to a vehicle finance consultant or visit our website www.iemasfinancialservices.co.za.

Read related blog article here: Looking for a new ride? Here is a list of five fuel efficient cars to suit your pocket.

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