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Looking for good vehicle finance advice

May 05 2017 14:18

A Fin24 user wants to finance a vehicle purchase and is looking for good independent advice. He writes:

I am an ordinary buyer who wants to finance a vehicle - a car - for personal use.

I want to avoid paying too much, or being financially abused by dealerships.

Are there independent car finance specialists that I could approach here in SA - freelancers, companies or entities? I need someone I could trust to negotiate the best deal with the dealership.

As you know, some dealerships - not all of them I hope - or the bank, if I’m financing through a bank, would try to get the deal that serves their interest, not mine as a buyer.

Is there an independent entity who could provide proper advice regarding car finance? For example someone who can review the deal and contract, explain the terms in simple language, negotiate the contract terms, the car price and installments? Someone like a financial adviser - except that this entity is specialised in car finance and doesn’t charge as much. Thank you.

Rudolf Mahoney, head of brand and communications at WesBank, responds:

WesBank recommends that consumers only deal with WesBank-approved dealerships. These are reputable retailers who have been assessed by WesBank.

Once a car buyer has decided on a vehicle they would like to purchase they can rely on the Finance and Insurance (F&I) manager at the dealership to provide sound financial advice.

These professional consultants are registered with the National Credit Regulator (NCR), and operate within the National Credit Act (NCA) and Financial Advisory and Intermediary Services (FAIS) act.

According to these laws, the F&I must act in the customer’s best interest at all times by doing a thorough needs analysis on the customer’s financial position as well as provide financial advice that will not put the customer at financial risk.

This includes advising on the best contract structure based on the buyer’s financial position, as well as providing information on interest rates, deposits, balloon payments, contract terms and the entire range of insurance products.

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.

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