1 reviews | Active since Mar 2009
Service offering
<p>I have vehicle finance with Wesbank which is close to settled. I've enquired twice how to possibly access the funds again for a vehicle purchase.</p> <p>I was told this is not possible - even though I've been told other institutions can provide this service. I am told to do a new application. This vexes me because I would need to re-pay the initiation fees and open yet another account (confirmed by agent).<br />Surely this is then not an initiation fee as I am already "initiated". Apart from the seeming lack of help from staff and the corresponding lack of offerings. There are no incentives or reward for staying with wesbank and I'm just told to do an application online as if I did not have any prior relationship with wesbank.</p>
Good day
Thank you for sharing your concerns allowing us to clarify why we are unable to adhere to your request. A vehicle finance application differs to bonds / personal loans etc. The account opened is specific to that particular asset and remains closed once the debt has been settled. Should you wish to finance another vehicle, a completely new application (specific to the new asset) will be opened. When scoring the new deal, we require your recent financials and KYC information, as this information is likely to have changed since your last application. Of course being a repeat customer you may negotiate the most suitable interest rate before concluding the transaction.
The Bank must comply with legislative requirements in accordance with the National Credit Act. We trust that you understand our position in this regard.
Kind regards
WesBank
Good day
Thank you for sharing your concerns allowing us to clarify why we are unable to adhere to your request. A vehicle finance application differs to bonds / personal loans etc. The account opened is specific to that particular asset and remains closed once the debt has been settled. Should you wish to finance another vehicle, a completely new application (specific to the new asset) will be opened. When scoring the new deal, we require your recent financials and KYC information, as this information is likely to have changed since your last application. Of course being a repeat customer you may negotiate the most suitable interest rate before concluding the transaction.
The Bank must comply with legislative requirements in accordance with the National Credit Act. We trust that you understand our position in this regard.
Kind regards
WesBank