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Offline zniper

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Finance approval for private sale
« on: April 02, 2011, 06:14:17 pm »
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 :)
 

Offline Kawasefi

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Re: Finance approval for private sale
« Reply #1 on: April 02, 2011, 06:47:50 pm »
Yes, FNB does "private to private"  :thumleft:
 

Offline TheBear

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Re: Finance approval for private sale
« Reply #2 on: April 02, 2011, 06:51:37 pm »
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
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Offline zniper

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Re: Finance approval for private sale
« Reply #3 on: April 02, 2011, 06:55:21 pm »
Ok cool stuff , but do i need a license first to get it approved ?
 

Offline Grrrr....

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Re: Finance approval for private sale
« Reply #4 on: April 02, 2011, 07:40:13 pm »
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.

Offline KAROODONKIE

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Re: Finance approval for private sale
« Reply #5 on: April 02, 2011, 10:33:21 pm »
Don`t need no licence!!!!
... even not for insurance also. They just don`t pay out if you have a claim.  :deal:
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Offline TerrorSA

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Re: Finance approval for private sale
« Reply #6 on: April 02, 2011, 11:01:25 pm »
No license, no finance.

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

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Re: Finance approval for private sale
« Reply #7 on: April 02, 2011, 11:25:10 pm »
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.
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Offline Gert_GS_650

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Re: Finance approval for private sale
« Reply #8 on: April 02, 2011, 11:49:44 pm »
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
 

Offline TheBear

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Re: Finance approval for private sale
« Reply #9 on: April 03, 2011, 05:41:07 am »
Ok cool stuff , but do i need a license first to get it approved ?


You need at least a learner's license.
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Offline DigiEye

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Re: Finance approval for private sale
« Reply #10 on: April 03, 2011, 06:52:10 am »
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. 
 

Offline DigiEye

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Re: Finance approval for private sale
« Reply #11 on: April 03, 2011, 06:55:31 am »
10% deposit that is...
 

Offline lecap

Re: Finance approval for private sale
« Reply #12 on: April 04, 2011, 08:29:39 am »
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.
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