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How to Apply for your Investec Vehicle Finance
About the Investec Vehicle Finance
Investec vehicle finance loan is designed to fund new vehicles for your private or business use. This affordable loan has prime minus up to 1% for up to 84 months and is designed flexibly to make money work perfectly for you. The administration fees can be avoided by servicing the loan through a debit order from a private bank account. There is a quick repayment option to save on interest.
This loan comes with some exciting rewards. Bidvest McCarthy dealership allows you to earn 1 Investec rewards point for every R5 spent on purchasing a new, demo, or pre-owned vehicle. Earn a maximum of 200000 reward points per vehicle by paying with an EFT from your Investec Private Bank Account.
You can earn reward points on the average monthly capital balance outstanding if you finance the vehicle with Investec. Your private bank account’s earning rate will be applied to your qualifying balance.
As an Investec client, Aon South Africa gives tailored insurance facilities and risk solutions.
Insurance rates are tailored and Investec clients exclusively negotiate for it. Credit shortfall automatically covers up to R25 000 with no additional charge and zero basic excess on facing an accident in the first year of insurance.
A brokerage expert from Aon will be with you to guide you and ensure your coverage has no loopholes. You can contact Aon South Africa on 0860 746 466 for further details or email [email protected].
Loan simulation
There is no direct information available on their website regarding loan simulation. This loan has a prime minus up to 1% based on credit assessment and Aon South Africa lets Investec users to tailor preferential rates.
Investec offers private banking services to clients. After you submit the application, a private banker will be assigned for you to let you know about your queries. You can request them a call back from their website to know necessary information before applying.
Prerequisites
The Investec Vehicle Finance is only available to purchase personal vehicles. You can apply for this loan with a good credit history. You must have a valid driving license, and if you are not a South African resident, you need to submit your passport number while applying.
About the bank Investic
Investec is mostly known for the vehicle finance it offers. The bank originated in South Africa and serving for more than 50 years. As a small company it started its journey in 1974 in Johannesburg. Acquiring other company it was rebranded as a group limited in 1988.
Investec offer financial products and services both online and offline. The services it offer are categorized in specialist banking, asset management, and wealth and investment segments. The specialist banking segment includes one to one private banking, corporate banking, investment banking, and other activities. Equities, fixed income, multi-asset management and alternative services are in the asset management segment. The Wealth and Investment segment offers portfolio, stock and trading services, alternative investments, and succession planning services.
Investec received the permission to establish a Dual Listed Companies structure to establish a Dual Listed Companies (DLC) structure with linked companies listed in London and Johannesburg in November 2001. The permission came from the Minister of Finance and the South African Reserve Bank.
Step by step to take out the loan
Want to purchase your dream vehicle but do not have sufficient funds? You can go for vehicle financing directly through a bank such as Investec. The steps are very simple.
First, find the vehicle you want to see in your garage. Then visit the Investec website and go to the vehicle finance page. You will find the Apply Now button there.
After clicking on apply you will get an online form demanding some necessary information such as name, contact, employment information, and the required funding amount. If you are not a South African resident you have to submit your passport number.
A draft loan agreement will be prepared and sent to you by Investec Private Banking based on loan repayment terms. Sign and send back the loan agreement to your Private Banker, they will send the release note to the dealer and wait for the signed documentation back.
If the dealership is not ready, you will need to register your vehicle and renew the license disk every year.
Positives and negatives of the Investec Vehicle Finance
Positive sides
- Prime minus is up to 1% for up to 84 months;
- Zero monthly financing administration fee;
- There are no early settlement fees;
- No penalty fees;
- Deposit and withdraw money any time;
- Earn 1 Investec Rewards point for every R5 spent from any Bidvest McCarthy dealership;
- Earn up to 200,000 Rewards points by paying with an EFT from your Investec Private Bank Account;
- Aon South Africa allows tailor-made insurance and risk solutions for vehicles;
- As an Investec account holder, get enrolled in the Investec rewards program automatically without any charge.
Negative Sides
- Limited Eligibility as the loan is for personal vehicle purchases only;
- It is necessary to have a good credit history, which may be an obstacle for some candidates;
- Rewards program benefits may be limited compared to other available programs.
What other types of loans does the bankoffer?
Besides vehicle financing, Investec has home loans to offer for individuals. The home loan comes with up to 100% financing and the ability to capitalize on the registration, initiation, and valuation fees. You can choose your repayment between 20 or 30-year terms.
Fees & fees
The top benefit anyone will get from having this loan is it comes with no administration, early settlement fees, and penalty fees. Besides those you can save on interest by repaying the loan faster.
Prime minus is up to 1% for up to 84 months and Investec client will have an access to tailor-made insurance from Aon South Africa.
Current financing rates:
- Prime lending rate: 11.75%.
Customer service
You can contact them at the global client support center which is available 24/7. To know more about vehicle financing, you can call +27 (11) 286 9663 or 0860 110 161 or contact them through email at [email protected]. You can also request a callback by submitting your contact information to them.
App
Investec has multiple apps specified for business and private client services. Both those business and private client service apps are available in the Play Store and Apple Store. For Investec business banking you can check here for the iOS version and Android version. For Investec private client banking check here the iOS version and Android version.
