Finance and Insurance

Here at Tangawizi Motors we are proud to offer our clients a “one stop shop” experience. We have three competent and experienced Finance and Insurance Consultants conveniently situated at the dealership. We are able to assist you in arranging a personalized finance package and insurance when you purchase your dream vehicle. They are fully qualified to arrange your finance quickly and comfortably, as well as offer advice on additional value added products, such as: service, maintenance plan or warranty extensions to name a few, that will give you peace of mind motoring.

Tangawizi Motors (Pty) Ltd is an approved Financial Services Provider (FSP 28947). We are electronically linked to, and are approved dealers with WesBank, ABSA, MFC a division of Nedbank and Standard Bank Vehicle and Asset Finance.

We have compiled a list of frequently asked questions to assist you, and help with a better understanding of the finance and insurance process.

Frequently Asked Questions

1. What is a service plan and what does it cover?
A service plan is a contract that covers all scheduled services for your vehicle for the specified time and mileage. The manufacturer stipulates what parts are to be replaced at certain service intervals, these components as well as the labour are covered by the service plan.

2. What is a maintenance plan and what does it cover?
A maintenance plan covers the cost of the specified service exactly the same as a service plan. The maintenance plan also covers any wear and tear parts like brake pads, windscreen wipers and shock absorbers.

3. Can I finance the cost of an extended service plan or maintenance plan?
Yes you can. The cost to extend either plan can be added to your finance agreement with your bank (subject to finance approval.)

4. What are the benefits to extending the service / maintenance plan today?
By purchasing the extension today you will not be affected by inflation or any price increases with regards to labour and parts. It also assists in not affecting your cash flow when it comes time to service or replace anything.

5. What does a warranty cover?
The warranty on a vehicle covers the mechanical components against any defective parts or workmanship for a period of time as set out by the manufacturer.

6. Can I extend my vehicles warranty?
Yes you can. You can extend your vehicles warranty for an additional two years / unlimited mileage (depending on which warranty option is taken)

7. What is a residual?
A residual aids in reducing your monthly installment. The residual is a percentage of the original vehicle price that acts as a balloon payment at the end of your finance agreement

8. Can I trade my vehicle in if I have a residual?
Yes you can, a trade in depends on what the market is doing at the particular time that you want to trade in. If your trade in value is more or the same as your settlement, then you can trade your vehicle in and take delivery of a new one.

9. What is credit life insurance and why should I take it?
Credit life is cover that protects your debt in the event of retrenchment, disability, dreaded disease or death. Credit life is a product designed specifically for vehicle finance and the cover is immediate as apposed to normal life cover which could take longer by going into an estate in the event of death.

10. What is top up / shortfall cover?
Top up or shortfall cover is an additional insurance product that works together with your comprehensive cover to ensure that you are able to settle the outstanding balance owing to your finance house in the event of a total loss claim.

11. Why would I need top up cover?
When financing anything, most of your repayment in the first few years is paying back the banks interest and your capital balance decreases at a slower pace. Top up cover enables you to quickly settle the bank and purchase a new vehicle without you having to downgrade your vehicle due to your budget being affected by still paying the shortfall on your previous account.

12. What documents would the bank require to process my application?
Bar-coded ID document, valid card drivers' license, latest payslip, proof of residential address (not older than 3 months) and 3 months stamped bank statements.

13. Am I committing myself to purchasing by completing an application?
No, only once you have signed the necessary documentation accepting your quote for the vehicle, will you be committed to the deal.