FREQUENTLY ASKED QUESTIONS

What documentation is required for a personal finance application?

  • FICA Compliance – Certified copy of ID document, certified copy of valid SA drivers’ license, proof of address no older than 3 months.

  • 3 Month bank statements – not older than 3 months 

  • Proof of bank account (Bank confirmation letter)

  • 3 Month salary slips/ proof of income

  • SARS tax certificate of good standing

  • Copy of the current vehicle registration document 

  • Pictures of the vehicle 

  • Initialed and signed Personal Statement of Assets & Liabilities, Income & Expenditure.

  • Initialed and signed Credit Application Form

What documentation is required for a company/ cc/ trust finance application?

  • FICA Compliance – Certified copy of ID document, certified copy of SA driver’s license of Directors/ Members, Proof of address no older than 3 months for both the directors/ members as well as the legal entity itself.

  • 3 Month bank statements of the entity – not older than 3 months

  • Proof of bank account (Bank confirmation letter)

  • Latest signed Annual Financial Statements as well as management accounts to date

  • SARS tax clearance certificate

  • Copy of the current vehicle registration document

  • Pictures of the vehicle

  • Initialed and signed Personal Statement of Assets & Liabilities, Income & Expenditure for each director/ member of the entity.

  • Initialed and signed credit application form.

How long does it take to get feedback on a credit application?

It takes 24 to 48 hours.

What form of legal agreement is involved?

An Instalment Sale Agreement will be signed much like any South African commercial bank’s vehicle finance division.

If I am financing my vehicle through my company/ close corporation or trust, will I need to sign a suretyship agreement?

Yes, a General Deed of Suretyship Agreement tying the directors/ members to the entity is required if you wish to finance your vehicle through a separate legal entity such as a company, close corporation, or trust.

Are there any administration fees?

There is a once off documentation fee of R1725.00 Including VAT that is to be paid directly to Charterfin SA with the 20% deposit for the vehicle.

How do I make my monthly instalment payments?

We will attach a debit order against your account for the monthly instalments.

Is a deposit required?

A compulsory 20% deposit based off the invoice value of the vehicle is to be paid directly to Charterfin SA.

What finance terms are available?

We offer 24-to-60-month terms (2 to 5 years) based on the value of the vehicle. The 60-month finance term is reserved for deals where the financed value (Invoice value less 20% deposit) is R500,000.00 and above.

Is insurance required on the vehicle?

Full comprehensive insurance is compulsory on all vehicles that are financed. The insurance broker must note Charterfin SA (Pty) Ltd’s interest as the financiers of the vehicle in the policy. A copy of the cover note detailing this is to be sent to Charterfin prior to the payment being made to the seller.

Can I settle the agreement early?

You may only do an early settlement on the full outstanding balance after one full year provided you give written notice of this intention 90 days prior to the desired settlement date to Charterfin SA.

Are there early settlement penalties?

There are no early settlement penalties providing it is after 12 months.

What is the minimum finance value required on suitable classic vehicles?

R200,000.00 net financed value (After 20% Deposit)