MFC

MFC is a division of Nedbank that has been offering vehicle finance for over 12 years.

As part of Nedbank, MFC is committed to supporting local communities and helping them develop. The MFC team is passionate about empowering people through support, mentoring, and coaching in all aspects of vehicle finance.

Choosing the right vehicle finance with MFC

As a client of MFC, you can choose from a wide range of vehicle finance options. Skilled and qualified staff will provide you with all the necessary information to help you make the right choice. By taking motor finance with MFC, you can benefit from:

• Access to over 2,400 approved dealerships
• Working with the second-biggest motor financier in the retail market
• Partnerships with Auto Pedigree, Imperial, AMH, Kia, and Hyundai

Applying for motor finance with MFC

You can submit an application directly at the Nedbank client centre or through one of the many approved dealers. Additionally, MFC has an easy-to-use online application form on their website that allows you to apply for your chosen vehicle from the comfort of your home or office.

Regular auctions for repossessed vehicles

In addition to this, MFC holds regular auctions throughout the country where you can browse through the list of repossessed vehicles. You can participate by joining and paying a refundable deposit of R5000.00 to start bidding on live auctions on an actual day.

Financing Classic, Vintage, Edwardian, and Veteran Cars

With MFC, you can finance vehicles older than 10 years if they are Classic, Vintage, Edwardian, or Veteran models. Terms and conditions apply and are agreed upon for these exceptional cars.

Switching Finance to MFC

For new clients, Nedbank division for vehicle finance offers the possibility to switch your finance from other banks or finance houses to MFC. The minimum period of finance is 12 months, and the maximum is 96 months.

Insurance and Additional Services

If you finance your car with MFC, you can choose motor insurance through Nedbank Insurance or obtain your own insurance, and your dealership can provide a competitive quotation. Insurance cover for your vehicle is compulsory when using MFC.

MFC offers several options to finance your car that suits your financial needs and lifestyle.

The Instalment Agreement allows you to purchase the vehicle of your choice, which is bought by the bank and sold to you over a negotiated period of time at an agreed interest rate. You can choose from two options to repay your loan:

Linked-rate option

This option provides you with the possibility of benefiting from fluctuating interest rates. Initially, the linked rate will be lower and save you money. However, it may increase and result in higher monthly car instalments when the Reserve Bank changes interest rates. If interest rates decrease, you will benefit, and your repayments will be lower.

Fixed-rate option

This option stays the same and is not affected by fluctuating interest rates. Initially, it may be higher, but it will remain the same for the duration of your loan payments, giving you peace of mind towards fluctuating interest rates.

Balloon Payment Agreement

The Balloon Payment Agreement is another option that can result in lower and more affordable monthly payments by agreeing to pay a lump sum at the end of the agreement period. The maximum is 35%, and conditions apply to the year, make, and model of the vehicle financed.

Assistance with Purchasing from a Private Seller

MFC can also assist you in purchasing a vehicle from a private seller, ensuring that the technical inspection and roadworthy are done by the seller and verifying if the vehicle has a warranty or helping you to obtain one.

Additionally, MFC offers:

• MFC Service Plan, which covers all serviceable items and related labour charges on your vehicle.
• Policy Cover, which covers dents, windscreen chips, scratches, and bumper scuffs.
• Credit shortfall, is a policy that covers specific shortfalls on insurance claims if your car is stolen or written off.
• MFC Extended Warranty, additional cover when your manufacturer's warranty expires for an additional 2 years or 250 000 km. It covers mechanical failures like engine, gearbox or electrical and includes free-of-charge road assistance and vehicle rental service.
• MFC Warranty Gap is a policy that covers the shortfall gap for specific additional non-wear and tear parts.
• MFC Tyre and Rim Warranty, a policy that covers the cost of repairing or replacing damaged rims and tyres, with a value of R10 000 per claim and a limit of R40 000 over a two-year period.