WeBuyCars sells used vehicles rather than lending money itself. When you buy through them and need finance, the credit agreement is written by a registered bank or credit provider arranged through the dealership’s finance desk, so the requirements you have to meet are the requirements of that lender — not of WeBuyCars.
In practice that means a standard South African vehicle instalment sale agreement: you must qualify on income, credit record and affordability, and the vehicle itself has to be acceptable security for the amount financed.
Eligibility Requirements at a Glance
Before an application is submitted to a lender, you generally need to satisfy the basic entry criteria that apply to all regulated vehicle finance in South Africa.
- Be 18 or older and have full legal capacity to contract
- Hold a valid South African ID or a valid passport with a qualifying permit
- Hold a valid, unendorsed South African driving licence
- Have a verifiable, regular income paid into a bank account in your own name
- Not be under debt review, sequestration or an active administration order
- Have a residential address that can be verified
Income and Affordability Requirements
Vehicle finance is assessed on what you can afford to repay each month once your existing obligations are accounted for, not on the sticker price of the car.
The Act obliges a credit provider to complete an affordability assessment before granting credit. That assessment must verify your gross income, subtract statutory deductions such as PAYE and UIF, subtract a minimum living expense figure set out in the affordability assessment regulations, and subtract your existing monthly debt repayments. Granting credit without doing this is reckless lending and is prohibited.
A deposit reduces the amount financed and therefore the instalment, which is often the difference between a declined and an approved application. Balloon payments do the opposite over the long run: they lower the monthly instalment but leave a large lump sum owing at the end of the term.
Credit and Financial Requirements
The lender pulls your record from a registered credit bureau. What it looks at is your repayment history, the number and size of your existing accounts, any judgments or defaults, and how much of your available credit you are already using.
Every one of these lenders is regulated by the National Credit Act 34 of 2005 and must be registered with the National Credit Regulator (NCR). You can check any provider’s registration free of charge on the NCR register at ncr.org.za before you sign anything.
Because the vehicle is the lender’s security, comprehensive insurance is a standard condition of the agreement for the full term. You may use your own insurer, but cover must be in place before the vehicle is released.
Documents and Verification Required
The finance desk will ask for originals or certified copies of the following.
- South African ID document or smart card
- Valid driving licence
- Latest three months’ bank statements, stamped or in original PDF form
- Latest three payslips, or six months’ statements plus financials if you are self-employed
- Proof of residence not older than three months
- Details of your existing insurance, or a quote
How to Apply and Improve Approval Readiness
Vehicle finance applications are usually submitted to several lenders at once through the dealership so that you can compare offers. To improve the odds:
- Draw your free annual credit report from each bureau and dispute anything incorrect before applying
- Settle or close small revolving accounts you do not use
- Save a deposit — even ten per cent changes the risk profile materially
- Do not apply for other credit in the weeks before the application
- Ask for the total cost of credit, not just the monthly instalment, so you can compare offers properly
Frequently Asked Questions
Does WeBuyCars provide the loan itself?
No. The credit agreement is between you and a registered credit provider. WeBuyCars sells the vehicle and its finance desk submits your application. Confirm which lenders are on the panel before you apply.
Can I get finance with a bad credit record?
It depends on the severity. A single old default is treated differently from a recent judgment. A larger deposit and a lower-priced vehicle both help. No lender may grant credit that fails the affordability test, whatever your record.
Is comprehensive insurance compulsory?
Yes, for the life of the agreement. The vehicle is the lender’s security, so it must be insured. You are free to choose the insurer.
How long does approval take?
Often the same day if your documents are complete and your income is easy to verify. Self-employed applications take longer because financial statements have to be assessed.
Rates, deposit percentages and maximum terms change and differ by lender, so confirm the current figures with the finance desk and read the full agreement, including the total cost of credit, before you sign.