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Are there any penalties for paying your vehicle finance loan off early?

Are there any penalties for paying your vehicle finance loan off early?

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#1

For agreements that involve finance of less than R250 000 and that fall within the ambit of the National Credit Act (we call these intermediate agreements), the settlement amount is the sum of the current capital balance outstanding, and the daily interest up until the day of settlement.

For agreements that involve finance greater than R250 000 and that fall outside the scope of the National Credit Act, the regulation makes provision for early termination fees to be added to the settlement amount. But, in most cases, if the account is well-conducted and the customer refinances with WesBank, we waiver this penalty fee, at the discretion of the bank.

#2

Loan and Project funding program. We offer flexible loans and funding for various projects by passing the usual rigorous procedures.This Funding program allows a client to enjoy low interest payback for as low as 3 – 4% per annum for a period of 2-30 years. We can approve a loan/funding for up to USD 500,000,000.00 or more depending on the nature of business. We are currently funding for:

  • Starting up a Franchise
  • Business Acquisition
  • Business Expansion
  • Commercial Real Estate purchase
  • Contract Execution
  • Personal loan
We are open to having a good business relationship with you. If you think you have a solid background and idea of making good profit in any venture, please do not hesitate to contact us for possible business co-operation: medallionfinance@financier.com