We are not able to give pre-approved finance as we require both your and the vehicle details to approve finance. 

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:

• Previous track and credit record
• Type of asset requiring finance
• Deposit amount 

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We do credit checks to establish your historical payment conduct.

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

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

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Yes, we will provide finance, based on the settlement figure and remaining period only and subject to a full application for finance. We will require your latest statement to ensure that your account is not in arrears. A roadworthy 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.

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MFC will only finance vehicles older than ten years in exceptional cases. These include Classic, Vintage, Edwardian and Veteran models. Terms and conditions will be agreed upon according to the vehicle and risk involved.

We only finance lefthand-drive vehicles in exceptional cases, ie if it was registered in South Africa before March 1997, and if it is not supported by a local manufacturer or supplier (a grey import).

A private vehicle sale is the sale of an asset - usually a motor vehicle - between two 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. Find out more

MFC finances both new and preowned vehicles. Please remember, however, that the age of the vehicle is a factor in deciding whether or not MFC will grant you finance.

R1207.50 inclusive of VAT.

Although finance periods over 72 months are permitted by the National Credit Act (NCA), Nedbank's policy allows for a maximum of 96 months on certain deals, depending on the year, make and model of the vehicle, and is subject to certain terms and conditions.

• Copy of 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.

A vehicle cannot be bought without a driving licence as there is a risk to MFC relating to insurance claims being rejected. We 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.

When financing your vehicle, you have the option of having either a linked (variable) interest rate, or a fixed interest rate. A linked interest rate is linked to the prime lending rate, and therefore the monthly instalment could vary during the loan term. Having a fixed interest rate (usually higher than a linked interest rate) means that the monthly instalment remains unchanged for the duration of the agreement.

This mechanism enables you to pay a reduced monthly instalment. It means that you can defer a percentage of the purchase price until the end of an instalment sale or lease agreement. This may improve your monthly cashflow, but the full amount is still payable over the period (including interest on the balloon payment). 

There may be tax implications on transfer of ownership at the end of the contract, depending on your personal tax situation (especially when a balloon value is lower than market value). Please contact your accountant to discuss the various options you have to suit your personal financial needs at the end of term.

It is compulsory to keep your vehicle comprehensively insured against third-party claims, and against loss or damage, for the full period of the finance agreement. Should you not insure your vehicle, you will be in breach of your finance agreement (refer to clause 11 of the terms and conditions of your finance agreement) and MFC will have legal recourse.

When you finance your car with MFC, motor insurance can be arranged through Nedbank Group Insurance Brokers on 0860 104 526. Alternatively, 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 identity document.
• Complete the across the border request form - Click here

Once you have the above documentation, please fax or email them first and contact the Call Centre on 0860 879 900 upon which we will issue a border letter. (Fax and Email address can be found on the request form above).

The NCA 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 both the right and the 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 (NCR) on 0860 627 627, send an email to info[at]ncr.org.za or go to www.ncr.org.za.

Yes, you can change your instalment date using the MFC online account management service. Please note that if you change your debit order date less than seven working days prior to your current instalment date, the change will take only effect the following month.

If your account is ‘in arrears’, this means that you have missed one or more payments. You will need to contact the Collections call centre for assistance: 0860 879 900 and select option 2

To update your cellphone number, please visit any Nedbank branch with a copy of your barcoded identity document and proof of residence. This is for security purposes. However, if you have an alternate or additional cellphone number, this can be updated using the MFC online account management service        

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

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

On the Nedbank ID login screen, click on the ‘forgot password link’ and follow the instructions to change your password.

Possible reasons for not being able to see account details:

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

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

Your outstanding balance is the balance of the amount you've borrowed, plus interest for the remaining term of the loan, plus any arrears/advances, but excludes any monthly service fees.  This is not the same as your vehicles settlement amount.