16% interest rate - car finance

Good day all.<br> <br> I app**** for vehicle finance about 6 months ago and it was approved by west bank with an interest rate of 16%. Not know much I accepted the finance as my credit record was not that great. I recently found a car and the dealership sent my application through to west bank. West bank approved my finance again with a rate of 16%. I've been going through a few posts of Google and it seems that people around south Africa generally get an interest rate of prime + 2 max. My transunion report shows that I have a score of 975 out of 999. Can someone please explain the reason for this ridiculous rate?