Auto Financial Solutions - George, Garden Route
Auto Finance Solutions
Vehicle, Auto Finance, Finance Agreement
The new National Credit Act (NCA) came into effect on 1 June 2007 and ensures that consumers have more security and experience increased affordability when it comes to their new purchases. The NCA has been phased in since June last year and essentially places increased responsibility on credit providers to ensure consumers are able to repay their credit before this is extended to them. That is where Auto Finance Solutions comes in: to ensure that the customer makes a well informed decision before signing any finance agreements. We offer easy & simple solutions to private buyers; traditionally a big hassle if dealing through major banks when purchasing a vehicle privately Auto Finance Solutions (Pty)Ltd has been NCA compliant from inception and the principles of the new act form the basis for how we like to do business. We intend to continue educating our clients as to the best finance agreement that suits their individual needs.
"Since the NCA was introduced, the onus is now more on the lender to ensure the borrower is financially fit to sustain the load of the loan they are applying for. Effectively, it means that in the event of a financial agreement going bad, we would have to prove the borrower appeared to be financially strong and secure enough to service the loan requirements. "The confusing and lengthy documentation usually associated with loan agreements has been made clearer to the lender under the new act. Consumers are now made aware of all the costs involved in their intended agreement, so even hidden fees and commissions are disclosed." As a result, the new act is drastically reducing "reckless" lending by creditors in that consumers now legally have the right to be best informed before entering into an agreement.
A major benefit to motoring consumers is the legalisation of private leasing. "Before the NCA was introduced, leasing was only available as an option to corporate bodies or individuals who could substantiate that they derived an income from their vehicle. "The introduction of private leasing provides a more affordable option for people buying new or used cars and therefore makes vehicle ownership more accessible to more people." The pre-owned market already offers motorists a more affordable option than the new vehicle market because of natural market depreciation. Auto Finance Solutions facilitates private pre-owned deals for which all major banks offer financial solutions. The NCA allows for existing finance agreements to be switched between banks, much in the same way as mobile number portability took effect in the mobile phone industry. Thus increasing competitiveness between the financial institutions, ensuring the customer getting the best deal. Auto Finance Solutions is the only & 1st privately owned company in the market to offer you fast & effective solutions on how to sell or buy your vehicle, with a range of products from reputable companies on offer.
We are the simplest, easiest & most affordable way to finance your prospective new vehicle.
, Finance Agreement