Car finance made SIMPLE Most buyers finance their vehicle purchase – a daunting process for many who expect it to be both complicated and difficult. Luckily car finance isn’t rocket science, and a new vehicle is easier to come by than a Martian space craft. But you knew that already. Here’s how SIMPLE it really is. The FIVE essential documents to getting your car fi nanced: 1. Barcoded ID book confi rming that you are who you say you are. The Financial Intelligence Centre Act 38 of 2001 (FICA) requires that all fi nancial institutions “Know Your Customer” (KYC). Measures like this protect you against identity theft so that no one can pretend to be you and drive away with a new car that’s sold in your name. 2. Valid driver’s license card showing that you’re legally allowed to drive on South Africa’s roads, as stated in the National Road Traffi c Act of 1996. This important card will also be necessary when insuring your new vehicle. 3. Proof of income in the form of your latest original payslip if you work for an employer, or a minimum of three months’ bank statements if you are self-employed. This will help determine whether you are able to afford themonthly vehicle repayments and insurance premium, and is arequirement of the National Credit Act 34 of 2005. 4. Proof of residential address to confi rm that the address you have fi lled outon your application is the real deal. You can use your water-and-lights or telephone accounts or at least two utility bills. These documents should not be older than three months. This also falls under the “Know Your Customer” (KYC) requirement. You wouldn’t want your car landing up at the wrong address. 5. Insurance details are required upon fi nalisation of your fi nance transaction, before you sign your fi nal contract. You have to insure your vehicle during the time that it is fi nanced so that this mutual asset is adequately protected. If your car is stolen or damaged, you still have to pay your monthly installment, but having insurance will protect you from having to pay for the vehicle when you can’t use it due to theft or damage. Toyota Financial Services (South Africa) Limited. An Authorised Financial Services (FSP No.7454) and Registered Credit Provider (NCRCP62).
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