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Why can't we get car loans?

Jan 16 2013 07:32
Cars on an assembly line

Cars on an assembly line. (AFP)

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Car finance battle

A Fin24 user who works in a call centre is bothered about not being able to qualify for car finance. He writes:

I would like to ask about us people who work in a call centre environment - why can’t we qualify for car finance?

When we approach the banks, they tell us we don’t qualify because our jobs are open-ended contracts.

I want know why, and what can we do in this situation? We are looking for solutions.

Chris de Kock of WesBank responds:

Any person who wishes to qualify for credit needs to prove their ability to repay the loan.

Currently our book data shows that the average car finance contract is taken over 65 months. So, the applicant must be able to satisfy WesBank or any other vehicle financing institution that they will have a monthly income for the duration of the contract period.

The fact that temporary workers do not have the assurance that they will be contracted over this extended time does present a higher risk to the bank. However, each decision is taken on the merit of the individual's other credit attributes.

Our advice to customers is:
  • You need to provide sufficient proof of your income over a substantial period of time;
  • You need to buy a car that is well within your financial means;
  • You must buy from a reputable dealership; and
  • You must have a clear credit history.

- Fin24

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers.

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.

* Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.

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wesbank  |  money clinic  |  vehicle finance



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