MFC is a division of Nedbank, they offer vehicle financing to individuals looking to purchase a vehicle. There are a number of ways to finance your car through MFC. The option you choose will depend on your financial goals and your lifestyle.
The balloon payment option offers the benefit of reduced monthly repayments, with a lump sum repayment (referred to as the balloon payment) at the end of the agreement period.
There is also a rate payment option, which has two options. The Linked-rate Option provides you with the potential benefits of fluctuating interest rates. In the event that the interest rate increases during the agreement period, your interest rate and therefore your repayments will increase accordingly. The reverse applies if the interest rate decreases during the agreement period: then you will benefit from lower corresponding repayments.
The fixed-rate option provides you with peace of mind in terms of fluctuating interest rates. In the event that the interest rate increases during the agreement period, your repayments will not be affected and your interest rate will remain the same.
For more information on MFC, click here.
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