WeBuyCars does not publish a minimum credit score. Its finance page says finance is subject to approval and your client risk profile, and that it works with specialised lenders who consider applications from customers with impaired credit. Each lender sets its own cut-off, so the score you need to buy a car depends on the lender that reviews your application.
The one firm rule: blacklisted buyers cannot get finance through WeBuyCars and can only buy with cash. Below are the other requirements WeBuyCars states, the documents it asks for and how to get ready.
Eligibility Requirements at a Glance
- Online finance is open to South Africans and foreign nationals. You need a valid driver’s licence and a South African ID number or passport number to apply online.
- Only Category A vehicles can be financed. Category B vehicles do not qualify for vehicle finance; WeBuyCars offers a Capitec personal loan for those instead.
- Finance is offered on selected vehicles and auction deals.
- If the manufacturer’s warranty has expired, or expires within 6 months of purchase, you must buy WeBuyCars’s warranty or show a third-party policy that is active for at least 12 months and gives at least R20 000 cover for major component failure.
- Companies, trusts and close corporations do not use the online form; they email an application to [email protected].
A cash purchase is simpler: you do not need a driving licence to buy, though you need a learner’s or driving licence to register the car. For a financed purchase you must hold a driving licence.
Income and Affordability Requirements
WeBuyCars’s lenders must check that you can afford the repayments. National Credit Regulator rules require a lender to verify your income; for a salaried applicant that means the latest three payslips or bank statements showing three salary deposits (see the NCR affordability assessment regulations). That is why WeBuyCars asks for three months of payslips and bank statements.
Lenders must also consider all your debt repayments as shown by a registered credit bureau. Existing instalments, cards and loans therefore count as much as your score does.
Credit and Financial Requirements
There is no published minimum score, and no official source sets one. What WeBuyCars does say:
- Approval depends on your client risk profile.
- Customers with impaired credit may still be considered by its specialised lenders, but higher deposits and higher interest rates may apply.
- Vehicles can be bought without a deposit, but the bank may require one on a finance deal.
- Blacklisted clients can only buy for cash.
On top of the price, financed vehicles carry a licence and registration fee of R2 450 for vehicles below 3.5 tons (VAT not applicable) and a delivery fee of R4 200 including VAT (R5 800 above 3.5 tons). Initiation and service fees may apply per bank. Check current amounts with WeBuyCars before you commit.
To see where you stand before you apply, get your credit report. You are entitled to one free report a year from each registered credit bureau, and you can dispute errors with the bureau and escalate to the Credit Ombud or the NCR (see the NCR credit report poster).
Documents and Verification Required
For a South African buyer on finance, WeBuyCars lists the following. Only original documents or certified copies are accepted (see its buying FAQ).
- A completed and signed application form
- A copy of your ID
- A copy of your valid driver’s licence
- Your latest 3 months’ payslips
- Your latest 3 months’ stamped bank statements
- Proof of physical address not older than 3 months
Foreign buyers on finance supply a clear copy of their passport with the original work permit, a valid driver’s licence, a signed employment contract, 3 months’ payslips, stamped bank statements for the last 3 months showing salary (internet bank statements are not accepted) and proof of address not older than 3 months. A spouse’s ID is needed if you are married in community of property.
How to Apply and Improve Approval Readiness
Apply online by selecting a vehicle on the WeBuyCars site and choosing “Get finance”, or visit a WeBuyCars branch and speak to a finance and insurance agent. Start at the WeBuyCars finance page.
- Get your free credit reports and correct any errors before you apply.
- Settle small arrears and avoid taking new credit while your application is in progress.
- Gather your payslips, stamped bank statements and proof of address, all dated within the last 3 months.
- Choose a Category A vehicle if you want bank finance.
- Expect to be asked for a deposit if your credit record is weak, and budget for the licence, registration and delivery fees.
Frequently Asked Questions
What credit score do I need to buy a car?
There is no official minimum score. Each lender sets its own cut-off and also looks at your income, existing debt and risk profile. WeBuyCars states no minimum score, and says its specialised lenders consider customers with impaired credit, possibly with a higher deposit and interest rate.
What is the minimum credit score to buy a car in South Africa?
No official minimum is published by WeBuyCars or the National Credit Regulator. The regulator’s rules require lenders to assess affordability and verify your income and obligations, and the lender sets its own cut-off.
Can I buy a car from WeBuyCars if I am blacklisted?
Not on finance. WeBuyCars states that blacklisted clients can only buy vehicles for cash.
Do I need a deposit?
Vehicles can be bought without a deposit, but the bank may require one on finance deals, particularly where your credit record is weak.
Can I get finance on any WeBuyCars vehicle?
No. Only Category A vehicles qualify. Category B vehicles do not qualify for vehicle finance, and a Capitec personal loan is offered for them instead.
Confirm current criteria with WeBuyCars and the lender that reviews your application. See finance and funding requirements and browse all loan requirements.