How to apply for MFC vehicle finance
MFC, a division of Nedbank, lets you apply for vehicle finance online. The application should take about 15 minutes, and you can sign your finance agreement digitally once you are approved.
Buy your car in 5 easy steps
- See what you can afford: calculate your budget and monthly instalments.
- Find a vehicle: shop at an approved MFC dealership, at an MFC auction, or online.
- Apply for finance: your application should take about 15 minutes.
- Get cover: protect and maintain your vehicle for the full term of the loan.
- Sign your contract: digitally sign your vehicle finance agreement with My MFC Contract.
Estimate your monthly repayments
- Budget calculator: enter your monthly income after tax and your expenses to see roughly what you can put towards a repayment.
- Instalment calculator: enter the price, your deposit, the interest rate and the repayment period to estimate your monthly instalment.
MFC's calculators use a default rate of prime + 3% over 60 months with no deposit and no balloon payment. The figures are guidelines only and do not guarantee approval.
How repayment works
- Choose a repayment period of up to 96 months on vehicles.
- Your first payment date can be no more than 60 days after you sign your contract and take delivery of your vehicle.
- Choose a debit order date that matches your payday.
- You can add a balloon payment on eligible vehicles. It is paid as a lump sum at the end of the term, and the maximum depends on the age of the vehicle and the term.
Fees to budget for
- A monthly admin fee (R69.00 in MFC's calculator).
- A once-off initiation fee (R1,207.50 in MFC's calculator), which can be financed as part of the loan or paid separately.
- Comprehensive vehicle insurance, fuel, tolls and maintenance.
Fees and rates are confirmed by MFC when you finalise your application.
Ways to apply
- Buying from an MFC accredited dealership.
- Buying from a private seller.
- Moving your existing vehicle or asset finance to MFC.
- Financing a solar system for your home.
Affordability and credit assessment
Whether you are approved, and on what terms, depends on a full credit assessment. This includes verifying your income, your expenses and your credit record. The more complete your information is, the smoother the process.
Documents you will typically need
Having the following ready will make the process easier. MFC will confirm exactly what it needs:
- Valid South African ID.
- Recent proof of income, such as payslips or bank statements.
- Proof of residential address.
Visit the official MFC website to check your affordability and start your application.