Minimum deposits and maximum periods are determined by factors such as: whether or not the vehicle is to be used in the production of income (i.e., for business purposes), the nature and age of the vehicle and, of course, your own financial standing.
The balance, together with VAT, is repaid in equal instalments over the agreed period. Legal ownership will automatically be passed to you on payment of the final instalment.
If the vehicle is used for business purposes, you are entitled to include a claim against your income tax for wear and tear, as well as operating costs and finance charges paid. Your branch can provide more details.
For vehicles used in the production of income, i.e., for business purposes, you may select a lease option. Here, the VAT is included in the principal debt, the sum of which is repaid over the agreed term of the facility. Lease, rentals and operating costs are deductible for income tax purposes. Your branch can provide more details in this regard.
At the end of a lease agreement, you will be given various options, which may include selling, returning or acquiring the vehicle or entering into a secondary agreement with the bank to delay the first three options.
Insurance & Assurance can minimise your risk
Your vehicle should be insured fully and comprehensively while on lease, rental or instalment purchase. Nedbank provides this service at competitive scheme rates.
You may retain this insurance once ownership has been passed to you and you could also, if you wish, invest in a life policy to settle the balance of your contract in the event of your death, total disablement, or diagnosis of certain categories of serious illness or disease.
Experience and know-how have enabled Nedbank to be an innovator in corporate finance. Now those same skills are available to you as an individual when acquiring a vehicle.
If you're a company employee with a specific monthly car allowance, Nedbank is ideally placed to help you use the available funds to your best advantage, by offering you professional assistance in selecting the right financing option to maximise tax relief against your car allowance. When you have the opportunity to acquire the right vehicle for you, come to Nedbank. We'll give your proposal the same priority as you do and make sure that the deal we shape for you is the best you can get anywhere.
Contact the Nedbank Vehicle Finance Department on +264 61 2952211 or +264 61 2952502 or via Vehicle@Nedbank.com.na
|Payslip||Applicable to everyone|
||Applicable to everyone|
|Valid Driver's License
||Applicable to everyone|
|Six Months Bank Statements||If not a Nedbank client|
|Marriage Certificate||If married|
|Six Months Bank Statements of Spouse||If married in community of property to spouse who is not a Nedbank client|
Please take a moment to give us your suggestions