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FAQ's On Our Car, Motorbike, Caravan & Trailer Finance
Some Frequently Asked Questions
What does Carfin do?
We act as the go-between for you and the buyer, using our experience and expertise to finalise the sale as efficiently as possible.
What services do we offer?
We make sure that the car you are buying is legitimate. We also shop around to get you the best rate and we handle the all the admin pertaining to purchasing the vehicle.
Is Carfin able to quote a rate before an application has been submitted?
We are not able to quote a rate until an application has been submitted as the rate is based on your risk assessment.
What does the bank take into account when they determine my rate?
The bank looks at your previous track and credit record, as well as the type of asset. e.g. car, motorbike, caravan etc.
Why do the banks do a credit check on me?
They do a credit check to establish your historical payment conduct.
Where do I need to purchase my vehicle/motorbike/caravan from?
You can purchase an asset privately or through a dealership.
What is a private deal?
A private sale is the sale of an asset either a vehicle, motorbike or caravan between two private individuals. There is no dealership involved.
Does Carfin only finance pre-owned vehicle?
Not at all. We are able to assist with financing on both new and pre-owned vehicles.
Can I purchase a vehicle without a driver’s licence?
A vehicle cannot be bought without a driver’s licence as there is a risk to the bank relating to insurance claims being rejected. You will not be able to get insurance without a driver's licence and you need to have insurance when you sign an agreement to purchase a vehicle. You may nominate a driver if you have a medical reason that you cannot drive, and we will require a medical certificate from a specialist in this regard.
Do I need to pay a deposit?
The banks will determine if you need to pay a deposit or not. If you do need to pay a deposit, it will either be due to affordability or the vehicle being over book value.
What does affordability mean?
Affordability is the amount of money you are left with after all your expenses have been deducted from your monthly income.
What is the difference between linked and fixed rate?
Linked interest rate is linked to the prime lending rate and therefore the monthly installment could vary during the loan term. Having a fixed interest rate (usually slightly higher than a linked rate) means that the monthly installment remains unchanged for the duration of the finance agreement.
Must I insure my vehicle?
It is compulsory to keep your vehicle/motorbike/caravan comprehensively insured for the full term of the finance agreement. Should you cancel your insurance during the finance agreement, you will be in breach of your agreement.
Can Carfin quote me for my insurance?
Yes! Carfin has an extensive network of partners to give you comparative insurance quotes.
Can Carfin finance blacklisted people?
Unfortunately, Carfin is unable to assist people that have been blacklisted.
Need to find & finance a Vehicle?
If you want help with finding your dream car or motorbike and financing it, then Carfin is your one-stop shop.
Want to finance a Vehicle?
Found the perfect motorbike or car already but finance is proving tricky? Let Carfin's friendly agents assist you today.
Need to insure your Vehicle?
Carfin's FAIS accredited agents can assist you to get comparative insurance quotes through our network of partners .
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What Our Fans Have to Say
Roviette (HelloPeter Review)
“We received the most amazing service from Martie Erasmus at Carfin. She was in contact with us every step of the way and walked the extra mile when we needed it.”
Darienne (HelloPeter Review)
"I have been dealing with Begonia Ntuli and she has been amazing! I've been asking her to change various things along the way and she was very friendly and helpful the entire time :)"
Christelle (HelloPeter Review)
“I applied for finance to buy a motorcycle - what an absolute pleasure to work with Adele Viljoen, she was from the beginning so kind and helpful and went out of her way to accommodate my needs. I will definitely recommend her service to anyone.”
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