1 reviews | Active since Feb 2013
Car Finance
I app**** for finance for a vehicle costing r75000. I wanted to trade in my old vehicle and the dealership offered me r19000 for it. I am permanently employed and I have a valid work permit as I am a foreigner. At first my finance got denied because apparently the bank could not find ITC record. I contacted Transunion and they sorted that out. Wesbank then said they would review my application and they still denied my application. I am disappointed because i put in my application three weeks ago and i've been back and forth providing all the documentation they have requested from me. Almost one month just trying to get finance. My question to Wesbank is who qualifies for finance as i thought i was the perfect candidate. I am not blacklisted and I have a good credit record. Is it an issue of affordabilty as my deposit covers more than 20% of the cost of the vehicle. My boss who was also applying for finance from the same dealership was approved in two days. Is my finance not getting approved because i am a foreigner because the F&I said that banks are unkind to foreigners. Is this now a case of institutionalised xenophobia? Very disappointing.
Thank you for bringing your concerns to our attention.
Let us use this opportunity to apologise if you are under the impression that WesBank exercises any level of prejudice in the assessment of applications. Due diligence must be observed whilst we err on the side of caution because of the far reaching implications to be taken into account before asset based finance is considered.
In this instance, an insubstantial credit records as well as inadequate securitization for the transaction are the reason for this declined application. You may consult with a personal banker or advisor from your own respective commercial banking institution for advice on how to remedy same over a period of 24 months.
We trust that this is in order and assure you of our best intentions at all times.
Yours sincerely,
WesBank
Thank you for bringing your concerns to our attention.
Let us use this opportunity to apologise if you are under the impression that WesBank exercises any level of prejudice in the assessment of applications. Due diligence must be observed whilst we err on the side of caution because of the far reaching implications to be taken into account before asset based finance is considered.
In this instance, an insubstantial credit records as well as inadequate securitization for the transaction are the reason for this declined application. You may consult with a personal banker or advisor from your own respective commercial banking institution for advice on how to remedy same over a period of 24 months.
We trust that this is in order and assure you of our best intentions at all times.
Yours sincerely,
WesBank