Take Advantage of Bank Windhoek’s Vehicle Financing Options to Buy Your Dream Car

Many Namibians buy new cars regularly. This is normally after the current car’s vehicle financing term has ended and the loan amount was settled, or the manufacturer’s guarantee had lapsed. Some buy new cars to keep up with the latest car trend design and in-car techs, such as connectivity features and satellite navigation systems amongst others.

Vehicle monthly repayments therefore become a fixture on one’s budget as you continue to apply for vehicle finance to update your wheels.

To keep this regular monthly car payment at a low level and ease the strain on your budget, Bank Windhoek advises clients to take advantage of special vehicle financing options.

1. A repayment period of 72 months (for loan amounts above N$100 000; normal interest rates apply).

2. A special interest rate of prime less 1% (new vehicles) and prime rate (used vehicles).

3. A repayment holiday of three months (only start repaying in month four or choose any other three months within the first three years of finance).

4. Zero deposit on new and used vehicles (not older than three years) with first installment payable in arrears (financing amount >

N$100 000).

5. Balloon payment option on selected new and used vehicles (not older than three years) up to a maximum of 30%.

The vehicle financing options are a gift to Bank Windhoek clients and the nation, as Namibia celebrated 25 years of independence on 21 March. These options are only valid between 16 March and 25 April and to clients who purchase their vehicles with Bank Windhoek.

Twenty-five clients who apply for vehicle loans during this period also stand a chance to win six night accommodation, for two, at any Gondwana Lodge across the country.

Commenting on the financing options, Sandra Blaauw, the manager of the vehicle and asset finance branch at Bank Windhoek, said: “Depending on the option chosen, clients have the choice of a flexible repayment term, whereby they have the possibility of reducing their monthly installment to make it more affordable to buy a car and to lessen the possibility of repossession. They also have the flexibility of increasing their monthly installment later on in the term to shorten the term contract and thus reduce interest paid to the bank.”

Sandra further added: “The zero deposit option gives clients who struggle to raise the 10% deposit required to purchase a car the chance to buy a vehicle of their choice and have the financial capability of honouring the monthly installments. However, this option comes with higher monthly installments.”

“With the repayment holiday option, clients have the flexibility of choosing three months during the first three years, in which they can freeze their monthly installments. This gives them the chance to use the money, for example, for a family holiday, without having to worry about debts to be paid. It can also come in handy, especially during a time when the client experiences financial difficulties,” Sandra added.

Although these specials are an opportunity for Bank Windhoek clients to realise their dream of owning a car, the normal credit criteria will still apply to establish, amongst other factors, whether the clients has the means to repay the vehicle loan regularly and on time. Important factors like insurance and normal running costs will also be taken into consideration and thus make the client and the bank co-responsible for keeping a healthy credit record.

For more information on special vehicle financing options, contact Bank Windhoek’s Vehicle and Asset Finance Branch at 299 1400 or Bank Windhoek’s Customer Contact Centre at 299 1200. You can also visit your nearest Bank Windhoek branch for more information.

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