How much must you earn to qualify for vehicle finance?

To qualify for vehicle finance in South Africa, it is generally recommended to have an ongoing monthly salary of no less than R6,500. This income requirement serves as a guideline for lenders to assess your affordability and ability to repay the car loan. However, it’s important to note that this is a general guideline, and each lender may have their own specific income requirements and eligibility criteria.

Having an ongoing monthly salary of R6,500 or more demonstrates a certain level of financial stability and increases your chances of qualifying for vehicle finance. However, it’s important to consider other factors such as your creditworthiness, existing financial commitments, and the specific terms of the loan you are applying for.

Lenders typically assess your income to ensure that the monthly loan repayments, along with your other financial obligations, can be comfortably managed within your budget. They may require proof of income, such as pay slips or bank statements, to verify your salary.

It’s important to note that the income requirement may vary depending on the loan amount, loan term, and the lender’s policies. Some lenders may have higher income requirements for larger loan amounts or longer loan terms.

To get a more accurate understanding of the income threshold required to qualify for vehicle finance, it is advisable to contact different lenders or car finance providers directly. They will be able to provide you with specific information regarding their income requirements and help you determine if your salary meets the criteria for vehicle finance.