Debt addiction in South Africa is rife and banks are very aware of this. And so, financial checks are put in place to avoid more consumers entering debt review.
Also read: Car finance: Do your homework
WesBank affordability assessments for car buyers
The National Credit Act has instituted a number of protective measures to ensure that consumers don’t fall into the trap of credit becoming credit hungry and over-indebted.
The introduction of the affordability assessment is just one of these measures. This step-by-step process helps banks check how much new or used car buyers actually have to spend on their monthly car repayments.
WesBank has written a release and a column, offering advice that will ensure you are prepared for your affordability assessment before you apply for a car loan.
Are you prepared for your affordability assessment?
Infographic supplied by: Wesbank