FAQ

We are not able to quote a rate until an application has been submitted, as the rate is based on our risk assessment.

We take the following into account in quoting a rate: 

• Credit check
• Type of asset requiring finance
• Deposit amount 

Apply for finance now

We do credit checks to establish your history of making payments.

You can buy your vehicle from an MFC approved dealer or from a private seller through our private-to-private sale process.

Yes. You can access the online application using the link below and follow the easy step-by-step process to complete your application for finance.

Apply for finance now

Yes. We will provide finance based on the settlement figure and remaining period only and subject to a full application for finance. We will want your latest statement to ensure that your account is not in arrears. A roadworthiness certificate is not required for switching. The rate granted will be based on a risk assessment.

Please contact us on 0860 111 159 for more information.

Apply for finance now

MFC will finance vehicles older than 10 years in exceptional cases only. These include classic, vintage, Edwardian and veteran models. Terms and conditions will be agreed on according to the vehicle and risk involved.

We only finance left-hand drive vehicles in exceptional cases, if the vehicle falls into one of the following classes:

• Veteran vehicles built before 1919 but not before 1905 (Class B)
• Vintage vehicles built between 1919 and 1930 (Class C) 
• Post-Vintage vehicles built between 1931 and 1945 (Class D) 
• Vehicles built between 1946 and 1960 classified as Post 1945 (Class E)

A private vehicle sale is the sale of an asset – usually a motor vehicle between 2 private individuals. There is no dealer or supplier involved. It does not include companies and or non-approved dealers.

Please refer to the private-to-private vehicle sales page for more information. 

MFC finances both new and preowned vehicles. The age of the vehicle is a factor in our deciding whether we will grant you finance.

R1207.50 inclusive of value-added tax (VAT).

Yes. Although the National Credit Act, 34 of 2005, allows for finance periods over 96 months, we have a policy of offering financing of up to 96 months and even then for certain deals, depending on the year, make and model of the vehicle. This is subject to certain terms and conditions.

• Copy of your bar-coded identity document or passport 
• South African driving licence 
• Employment contract
• Residence permit (applicable to passport holders)

Third-party finance is where a vehicle is financed in the name of one person but is in the possession of another. MFC does not offer this type of finance. However, you can nominate a regular driver in your agreement.

We cannot finance your vehicle if you do not have a driving licence as your car insurer may reject your claims, which would hurt us. We also cannot accept a nominated driver as this constitutes third-party finance, which we do not offer. A nominated driver will only be considered for medical reasons, and we will require a medical certificate from a specialist in this regard.

Any private person or juristic person can enter into an agreement without a deposit. However, it is within MFC's discretion to request a deposit.

You can choose to finance your vehicle at either a linked (variable) interest rate or a fixed interest rate:

• A linked interest rate changes with the prime lending rate, and so your instalments would also change
• A fixed interest rate (which is usually higher than a linked interest rate) stays the same

A balloon payment is the lump sum that is paid as the last instalment in a finance agreement. It is larger than all the other instalments that are paid. You can choose to have one or not.

The benefit of a balloon payment is that you have lower instalments, which makes them more affordable. But you will still need to pay off the full loan amount (including interest on the balloon payment). 

You may have to pay taxes on transfer of ownership at the end of the agreement.(especially when the balloon value is lower than the market value). Please speak with your accountant to find out what options would suit you.

Yes. You must have comprehensive insurance on your vehicle for third-party claims, loss and damage during the finance agreement. If you don't, you will be in breach of the finance agreement (see clause 11 of the terms and conditions of your finance agreement) and we may use our legal options.

When you finance your car with MFC, motor insurance can be arranged through Nedbank Group Insurance on 0800 333 111. Or you may obtain your own insurance or the dealership can provide a competitive quotation.

Many people do not know this, but if you are planning a trip across the South African border with your financed vehicle, you will need a border letter from MFC.

To apply for a border letter, you will need to supply us with the following:

• A letter from you, the owner, to MFC requesting permission to take your vehicle across the border.
• Please clearly state dates and the destination of your trip
• Confirmation from your insurance company that the vehicle is insured for the duration of the trip
• Your contact details while on your trip
• A copy of the driving licence and ID
• A completed across-the-border request form on the Nedbank Money app or Online Banking under Loans > Features> Statements and documents> Cross-border letter

Once you have the above documentation, please fax or email them first and contact the Call Centre on 0860 879 900 and we will issue a border letter.

Fax and email address can be found on the request form.

The National Credit Act (NCA), 34 of 2005, came into effect on 1 June 2007 and requires all financial institutions and lenders to register as credit providers. Essentially, this Act aims to protect South African consumers by regulating credit-granting practices.

By making your credit and/or loan applications transparent, fair and easy to understand, the NCA gives you the knowledge and power to manage your debt effectively and pay it back comfortably. Remember that you have the right and responsibility to understand and question how your credit agreement is structured – what payments you will be required to make, and what the terms and conditions involve.

• Banks (for short-term loans, home loans, overdrafts, credit cards, vehicle finance, etc.)
• Retailers (for furniture finance, clothing accounts, store cards, etc)
• Other credit providers (for microloans, pawn transactions, etc)

For more information, you can phone the National Credit Regulator on 0860 627 627, send an email to info@ncr.org.za or go to ncr.org.za.

Yes. You can change your instalment date using the Nedbank Money app or Online Banking under Features > Manage payment details. Please note that if you change your debit order date less than 7 working days before your current instalment date, the change will take effect the following month only.

If your account is ‘in arrears’, this means that you have missed 1 or more payments. You will need to contact the Collections Call Centre for help on 0860 879 900.

To update your cellphone number and email address, please visit any Nedbank branch with a copy of your barcoded ID and proof of residence. This is for security purposes.

If you have an alternate or additional cellphone number or email address, this can be updated on the Nedbank Money app or Online Banking under Settings > Profile settings > Profile details.

To update your physical address, please visit any Nedbank branch with a copy of your barcoded ID and proof of residence.

You can also update your details on the Nedbank Money app or Online Banking under Settings > Profile settings > Profile details.

Your original documentation should be couriered to you within 5–7 working days.

On the Nedbank ID login screen, click on ‘Forgot your details?’ and follow the instructions to retrieve your login details or reset your password.

You can also retrieve or change your Nedbank ID on the Money app. To do this, log in to your Money app, tap More > Login and security > Nedbank ID and update your details.

Possible reasons for not seeing your account details:

• User has no account record with MFC
• The account could be one of the following: ­
  • In arrears by more than a month ­
  • Less than 6 months old ­
  • Handed over to Legal ­
  • Closed ­
  • A business account

Please contact our call centre on 0860 879 900 for manual intervention and help.

Your outstanding balance is the balance of the amount you've borrowed, plus interest for the remaining term of the loan, as well as any arrears or extra payments, but excludes any monthly service fees.  This is not the same as the settlement amount.