Minimum salary to qualify for car finance in South Africa



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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.