Motor Finance

Application Process

1. Calculate
   
   Find out what you can afford
   
   
2. Find an Accredited MFC dealer
   
   Visit www.mfc.co.za
   
   
3. Choose a Finance Option
   
   Choose an option that suits you
   
   
4. Apply for Finance
   
   Complete the MFC finance application form at the dealer or download from www.mfc.co.za and contact us on 0860 111 159
   
   
5. Arrange Insurance
   
   You will need comprehensive insurance on the vehicle. Visit www.mfc.co.za
   
   
6. Sign the contract
   
   Sign the contract and a release note confirming you are happy
   
   
7. Drive Away
   
   Drive away with miles of smiles!
   
   

Instalment Agreement

• Deposit
  
  
• Subject to individual credit risk
  
  
• Period
  
  
• Period Minimum 24 months; maximum 72 months
  
  
• Balloon payment
  
  
• Can be structured into agreement.
  
  
• Holiday payment
  
  
• Can be structured into agreement.
  
  
• Tax
  
  
• Depreciation if you are a tax-orientated client.
  
  
• Ownership
  
  
• Automatically passes to you once you have repaid all the instalments.
  
  
• Interest Rate
  
  
• Market-related rates will apply, which could be a fixed or a linked interest rate
  
  
• Settlement
  
  
• Early-settlement option is available.
  
• No penalty on small and intermediate agreements (Under R200k).

Lease Agreement

• Deposit
  
  
• Subject to individual credit risk.
  
  
• Period 
  
  
• Period Minimum 24 months; maximum 72 months
  
  
• Balloon payment     
  
  
• Can be structured into agreement.
  
  
• Holiday payment 
  
  
• Can be structured into agreement.
  
  
• Tax
  
  
• Full rental if you are a tax-orientated client.
  
  
• Ownership
  
  
• Please contact your accountant to discuss the various options you have to suit your personal financial needs at the end of term.
  
  
• Interest Rate
  
  
• Market-related rates will apply, which could be a fixed or a linked interest rate.
  
  
• Settlement
  
  
• Early-settlement option is available.
• No penalty on small and intermediate agreements (Under 200K).

Payment Options

Balloon payment option
The balloon payment option offers the benefit of reduced monthly repayments, with a lump sum repayment (referred to as the balloon payment) at the end of the agreement period.

• Lower monthly payments for improved cash flow.
• Flexibility to refinance, trade in or take ownership of the vehicle.

Rate options

MFC offers you the flexibility to select from one of two rate options:

Linked-rate option

The Linked Rate Option provides you with the potential benefits of fluctuating interest rates.  In the event that the interest rate increases during the agreement period, your interest rate and therefore your repayments will increase accordingly. The reverse also applies – if the interest rate decreases during the agreement period, you will benefit from lower corresponding repayments.

Fixed-rate option

The fixed-rate option provides you with peace of mind in terms of fluctuating interest rates. In the event that the interest rate increases during the agreement period, your repayments will not be affected and your interest rate will remain the same. The reverse also applies – if the interest rate decreases during the agreement period, your instalment will still remain the same. You will not benefit from the lower rates.

MFC Contact details to go under contacts as well.

Contact us

Call us on 0860 111 159

Operations Physical Address:
MFC a division of Nedbank
6E Herman Road
Meadowdale
Edenvale

Postal Address:
P.O. Box 4005
Edenvale
1610

Head Office Physical Address:
Nedbank Ltd
135 Rivonia Road
Sandown
Sandton

General Enquiries:
Client Care: 0860 879 900
Email: care@mfc.co.za

MFC Complaints:
Email: complaints@mfc.co.za