Minimum salary to qualify for car finance in South Africa

Minimum salary to qualify for car finance in South Africa varies from bank to bank.  Generally the benchmark is to spend not more  25% of your annual gross salary on on a car, and that your monthly costs should be no more than 10%. A residual or balloon payment amount is a lump sum payment that is due to the financier (bank) at the end of the loan term after all monthly repayments have been made.

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Nedbank MFC

The applicant must be 18 years or older, must be a permanently employed salaried worker earning a minimum of R6 500 per month, have a valid driving licence, be a South African citizen or permanent resident and have a good credit record.

FNB Wesbank

Wesbank offers what is called graduate finance, where a person needs to be between 18 and 31 years of agree, have a degree of higher diploma attained within 3 years of the finance application, earn at least R7 500 per month and have proof of employment and qualify through Wesbank’s affordability agreement.

Standard Bank

A minimum monthly income requirement of R5 000. The bank offers payment periods that range between 12 and 84 months, with a minimum loan amount of R20 000, which is all subject to an affordability and full credit assessment.