Buying a car, new or pre-owned, is a major expense for the majority of consumers, and even more so if you are about to enter the workplace as a new graduate. Choosing which vehicle is the best fit for your needs is one thing, but having to deal with all the financial jargon that goes with the purchase can be overwhelming.
With this in mind, leading vehicle finance company WesBank has demystified all the ins and outs, including the fine print, when it comes to applying for vehicle finance. As young professionals, you are comfortable in an ‘always on’ technological environment with your smart phones, the internet and computers. It’s what you know, it’s integral to your daily life and you want everything you need to be accessible at the touch of a button.
You also have certain universal expectations from your service providers – you look for things like digital accessibility; simple, helpful onboarding processes; and easy interaction with your accounts. Taking these non-negotiables into consideration is exactly what WesBank has done with its specially packaged vehicle finance offering for graduates.
“We wanted what could be seen as a complicated journey to apply for vehicle finance to feel like an everyday online conversation, not an interrogation. Ultimately, WesBank and our applicants want the same thing – approval of a vehicle finance application. So, for us to find out if it can happen as quickly and simply as possible, we ask you a few questions online. You tell us about yourself, your financial situation and the car you have your eye on, and we’ll immediately be able to tell you whether you’d be approved for it or not. If not, we will tell you what your options are to get your application approved,” says Lebogang Gaoaketse, WesBank Motor Head of Marketing and Communication.
The beauty of this process is that it is all done online – either via your smart device or computer. There are no official looking forms to complete in triplicate, no formal meetings in a stuffy office: just log on, register and login, answer a few simple questions, and await the approval process to kick in, in real time. It’s that simple.
“We are renowned for producing technological industry-firsts in the vehicle financing space, and these include online contract signing, online self-help with the FastApp and now the new WesBank App. Our graduate finance model offers competitive interest rates to graduates whether they have a credit history or not. The entire application process can be accessed and fulfilled online, from start to finish,” says Gaoaketse.
Using WesBank’s unique digital application platform, from your mobile phone or computer, in the comfort or your home or on the dealership floor, you can apply for and get car finance approval in under 10 minutes online. The platform is different too in that it isn’t only an application tool: it’s a useful budgeting tool that helps you understand your situation as a first-time vehicle finance applicant. If your application is not approved, instead of just giving you a flat “no”, it will advise you what your affordability range is, so that you understand what priced car may result in a positive application.
In much the same way, the recently launched WesBank App is simple to understand and operate, eliminating the paper-heavy administration process during the excitement of buying a car. Bypassing the need to connect with the bank telephonically or online – although these channels remain available – and it speeds up the process. In an instant, you can check affordability, apply for vehicle finance, receive approval to qualify, customise your own deal terms, and sign your vehicle contract.
“The ability to move seamlessly through the functionality of the app makes it highly accessible and user-friendly, enabling you to fast-track the vehicle financing process at the touch of a button. Once the approval process is complete, and you are enjoying the freedom of your own set of wheels, you can continue to interact with the WesBank App to manage your accounts and access other useful and interactive features, including vehicle auction information, and so much more,” says Gaoaketse.