How long does Wesbank take to approve vehicle finance after application?

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It can take up to 72 hours hear from Wesbank if they have  approves vehicle finance application. This is because they will need to assess your creditworthiness and affordability and make sure that you can afford the repayments.

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Your affordability is a measure of how much you can reasonably manage as a new credit payment, such as a vehicle repayment. It is closely linked to your discretionary income. Your discretionary income is the amount of money you have leftover after deductions and necessary expenses. The higher the monthly repayment for a given vehicle, the higher your discretionary income (and therefore, your affordability) needs to be.

Creditworthiness is how likely you are to pay the money you owe on time, based on your credit history. If your credit history shows that you can’t be relied upon to pay back what you owe, then your chances of being approved for new credit are low, no matter how high your affordability is.

Required Documents

To ensure a successful application, Wesbank requires specific documents for their credit assessment. These documents usually include proof of identification, proof of residence, proof of income, and bank statements. Additionally, if you’re a business owner, you may need to provide additional documentation related to your business and financial records. It’s crucial to compile all the required documents and submit them promptly to avoid any unnecessary delays.

Minimum Salary to Qualify for Car Finance With Wesbank

Minimum salary to qualify for car finance in South Africa is R6,500