Finance approval for private sale

[zniper]

hi

is it possible to get finance from the bank (FNB / nedbank ) to purchase a private sale bike? without getting a personal loan.

also do you need a bike license for finance approval?

iam doing my learners next week

[Kawasefi]

Yes, FNB does "private to private" 

[TheBear]

hi

is it possible to get finance from the bank (FNB / nedbank ) to purchase a private sale bike? without getting a personal loan.

also do you need a bike license for finance approval?

iam doing my learners next week

Wesbank do P2P (Private to Private).  So does the AA, but I think they do it via Wesbank anyway.

http://www.wesbank.co.za/WesBankCoZa/personal/financemycar/private/index.jspx

[zniper]

Ok cool stuff , but do i need a license first to get it approved ?

[Grrrr....]

Ok cool stuff , but do i need a license first to get it approved ?

I think so. If you are going to finance a bike I'm sure they will want you to insure the bike and for that you need a license.

[KAROODONKIE]

Don`t need no licence!!!!
... even not for insurance also. They just don`t pay out if you have a claim. 

[TerrorSA]

No license, no finance.

No insurance, the bank does not pay out the seller if proof of insurance is not provided.

[KAROODONKIE]

No license, no finance.

No insurance, the bank does not pay out the seller if proof of insurance is not provided.

Correct, the bank does need the insurance - but you don`t need a licence to insure anything.
You can buy a truck without a code 14 for that matter......
The insurance only states that the rider/driver/operator has to have a legal lisence when you ride/drive the bike/vehicle - this to be covered.
    

[Gert_GS_650]

I'm currently in a deal buing a bike privately . Wesbank does private sales but through an affialiate ( Chocolate Finance ) << who names companies nowadays

Deposit as normal , but an additional R2100 is charged for "Risk"
Natis document needed  for finance and insurance company
ID , licence and the likes

[TheBear]

Ok cool stuff , but do i need a license first to get it approved ?

You need at least a learner's license.

[DigiEye]

I bought my bike through wesbank private to private finance. They wanted my license, and I had to have insurance. Also you need a 10% if the bike is older than 5 years. There is a lot of paperwork involved for the buyer and the seller. 

[DigiEye]

10% deposit that is...

[lecap]

I bought my bike through wesbank private to private finance. They wanted my license, and I had to have insurance. Also you need a 10% if the bike is older than 5 years. There is a lot of paperwork involved for the buyer and the seller. 

I sold one of my DR's via Wesbank private to private.
"A lot of paperwork" translates to "a pain in the a***" the whole procedure took sometning like four weeks but was eventually finished successfully.

A seller might be reluctant if he wants to do a quick sale.