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Embarking on an entrepreneurial adventure to start your own business is important to boost South Africa’s economic growth, foster innovation, and contribute to job creation. Despite all the perks of having your own business, the financial side of things can be quite daunting if it’s your first time. The idea behind vehicle and asset finance is to provide businesses with a solution that will help them get a head start in growth and innovation. Applying for vehicle and asset finance is much easier than you think. Here are a few tips to help you on your entrepreneurial journey.
What type of vehicle do you need finance for?
The first thing you need to do is think practically about what you need. Do you
need cars for reps to use when they go see clients, a small bakkie for package delivery, or a truck to transfer large amounts of goods? Once you have established what it is that you need, you can start looking at the financial part of things.
What can you afford, and will you qualify?
Now that you understand your need, you need to look at your company’s finances and make informed decisions based on that. If you need cars for reps to drive
around in to see clients, you will need something that is economic on fuel and good in traffic. First do your research on what would work best for your company, the industry, and your pocket before you jump into the application process and get turned down because you aimed too high.
What financing option would work best for you?
There are various business financing options for vehicles and assets. Depending on what your requirements are, you can choose a solution that would work best for your business and financial situation. You can also negotiate a financing option that is tailor-made to suit your specific needs.
Who do you need to talk to about your financing options?
You can go to your nearest branch and talk to an advisor, or you can talk to a registered Finance and Insurance Consultant (F & I) at a motor dealership of your choice.
Business Banking Annual turnover from R 10 million to R 750 million 086 055 5333 |
Small Business Banking Annual turnover less than R 10 million |
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This information and material are intended for general information purposes only and does not constitute legal advice.