Can I buy a vehicle without a driver's license?
No, there is a risk to the Bank as insurers will repudiate your claim and we cannot accept a nominated driver as this constitutes third party finance and the Bank will not entertain this. We will only consider a nominated driver for medical reasons and will require medical certificate to that extent.
I am a non SA citizen but have permanent residence in SA, what do you require?
- Copy Bar coded ID/ Passport
- SA Drivers licence
- Employment contract
- Residence permit
Is there an option to skip a payment?
Yes, for one month - the same month - every year you can skip a payment on your Private Vehicle Financing.
Is there an early-settlement option?
Yes, and no penalties are charged for early settlement - unless the settlement amount is equal to or larger than R250,000.
Do you finance classic vehicles?
Each application will be considered on its own merits, and there are some circumstances under which we will agree to finance classic vehicles.
Do you finance vehicles of any age?
We will consider various vehicle ages dependant on structure and type of vehicle. However, we could request a higher deposit for older vehicles.
What is 3rd party finance and can you do this?
When a vehicle is financed in the name of one person but is in possession of another. We do not do this type of finance.
Do you finance left hand drive vehicles?
Only if it was registered in South Africa after March 1997 and if it is not a grey import.
I am considering calling DirectAxis for Private Vehicle Finance, what information do I need?
- The make, model and year of the vehicle you're buying - as well as the seller's details.
- Your ID number, driver's license and spouse's details if applicable
- Proof of income (a pay slip) and details of the bank account into which your salary is paid
If I already have finance on my vehicle, can I apply to change it?
Yes, you may apply to "re-finance" your existing vehicle finance - if your application is successful, we will settle your existing finance and replace it with a new agreement to the value of the amount settled
Can I buy from a dealer or non approved dealer/trader?
No, Private Vehicle Financing from DirectAxis is only available to private buyers and sellers.
Is there an initiation fee?
Yes, R1 140.00 (inclusive of VAT) will be charged on all successful applications, in accordance with the National Credit Act.
Can you quote a rate before an application is loaded?
No, for the reasons given above
What interest rate do you charge?
Rates vary depending on the circumstances. We take the following into account when assessing the rate to charge:
- Previous credit history
- Current personal financial profile
- Type of asset financed
- Equity
And of course your application is subject to credit approval.
Can I fix my interest rate?
Yes, you do have this option.
How long is my repayment period?
You can choose a repayment term from 12 to 60 months.
Can I finance any amount privately?
You can apply for financing of R30 000 or more.
What is a Private Sale?
A private sale is where the transaction is carried out between a private seller and a private buyer and there is no dealer involvement whatsoever.