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Product Guide: Bidvest Vehicle Finance

Bidvest Instalment Sale Agreement

Comparison Overview:

  • Product: Instalment Sale
  • Repayment Period: up to 72 months
  • Max Finance Available: not specified
  • Min Finance Available: not specified
  • Interest: linked to Bidvest prime rate
  • Balloon Payment Yes/No: Yes
  • Minimum Requirement: not specified

Product Overview

The Bidvest Instalment Sale Agreement is a great choice ff you receive a car allowance, want to finance a vehicle over 60 months or more, and want ownership at the end of the period, the vehicle Instalment Sale Agreement option is most suitable for you. If your credit rating allows, you may elect to structure a balloon payment into your repayment plan in order to reduce the monthly instalments.

This finance option is best for those who want a longer finance period and/or would like ownership of the vehicle. Tax treatment includes that SARS allows for the deduction of finance charges and wear and tear at 20% per annum against travel allowance income. This is only an option applicable to travel allowance receivers and business’. Ownership automatically passes on receipt of final payment.

Benefits

Monthly repayments can be reduced by structuring in a balloon payment.


Bidvest Financial Lease Agreement

Comparison Overview:

  • Product: Financial Lease
  • Repayment Period: up to 72 months
  • Max Finance Available: not specified
  • Min Finance Available: not specified
  • Interest: linked to Bidvest prime rate
  • Balloon Payment Yes/No: Yes
  • Minimum Requirement: not specified

Product Overview

The Bidvest Financial Lease Agreement lets you finance the car for a period of less than 60 months. It’s ideal if you’re a car allowance receiver paying a deposit or including a balloon payment in the finance plan. You may elect to take ownership at the end of the car lease contract after making the final payment. SARS allows for the deduction of the monthly payment (including a balloon payment) against travel allowance income. This is only an option applicable to travel allowance receivers and business’.

Benefits

Monthly repayments can be reduced by structuring in a balloon payment.


Bidvest Operating Rental

Comparison Overview:

  • Product: Financial Lease
  • Repayment Period: up to 60 months
  • Max Finance Available: not specified
  • Min Finance Available: not specified
  • Interest: linked to Bidvest prime rate
  • Balloon Payment Yes/No: No
  • Minimum Requirement: not specified

Product Overview

The Bidvest Operating Rental Agreement is the ideal option if you receive a travel allowance and want to use the vehicle for a specific period of time and distance, without the ownership of a depreciating asset. It's much like hiring a car for an extended period of time. SARS allows for the deduction of the monthly payment (including a balloon payment) against travel allowance income. This is only an option applicable to travel allowance receivers and business’.

Benefits

The Operating Rental generally provides the lowest cash outflow and the lowest risk:

  • You are able to fix all motoring costs with the exception of fuel expenses, assuming that the prime interest rate remains unchanged
  • You only pay for the portion of depreciation that you agree to use
  • VAT is not included in the purchase price and you only pay VAT on the portion you use
  • There is no risk of lower market resale value since you don’t own the vehicle
  • An operating rental agreement includes a residual value (guaranteed resale value) held by Bidvest Bank, thereby reducing the monthly rental payable
  • You may elect to attach or ‘bolt on’ a maintenance contract to further eliminate any risk such as unforeseen repair bills
  • Ownership is possible but not obligatory, by settling the remaining capital including the residual value


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