How long does the application process take?

The overall process takes between 4-5 days from the time that we receive all required documentation until you receive your payment. This time frame may differ from client to client.

How much do I qualify for, and what would I need to qualify?

You would need:

a minimum monthly income of R 9 000
a good credit score
to not be blacklisted
an asset to offer as collateral security [as we are an asset-based loan company]
a valid driver’s license.

How much you qualify for will depend on the retail value of your car. We can assist in finding out what that value would be.

Can l apply online?

Yes, you can submit the required documents online. We understand that every client situation is different, which is why we allocate one of our friendly consultants to keep you in the loop and handle the application until the payment is received.

Once the contract is ready, can you send it via email for signing?

No, unfortunately not. Our banking partners requires you to sign in front of a qualified Finance and Insurance Manager that is registered with the bank in order to FICA your documents.

How long does it take for the money to get paid out?

Once the application is approved and the contract is successfully requested, received and signed, the money gets paid out as soon as the following working day. This time frame may differ from client to client, depending on where you are signing.

Can l repay my loan over a shorter term?

You may do so, but we advise against shorter repayment instalments, as the repayments will be extremely high. Should your circumstances change and you are unable to pay the high instalment, your credit record may be affected. We suggest you let the bank debit your account, and you the client pay in extra every month, as and when you the client wants to, to settle the loan amount quicker.

Do you assist self-employed individuals?

Most definitely! Whether you’re a sole proprietor or have a registered business, we can assist. Please note businesses must be registered for at least 2 years.

Can you help individuals anywhere in South Africa?

Our headquarters are in Johannesburg; however, we can efficiently assist clients nationwide.

If my car is not paid up, can you help?

We certainly can, however, each vehicle refinancing application will differ due to amounts owed, retail values, etc.

I have a car that is paid up. Can you help?

Yes, that’s what we specialise in! With asset-based loans, the car remains with you, and you remain the legal registered owner, retaining all ownership rights.

Are the finance houses Basslows finance uses restricted to the major banks?

Yes, we only work with the major banks in South Arica.

How does your finance work?

We work directly with major banks to structure financial assistance agreements. All loans are collateral-based loans. The finance house or bank will give you a loan against your motor vehicle.

Are there any upfront fees?

There are no upfront fees or charges.

What are your interest rates?

This is dependent on the applicant’s credit record, but the bank determines the interest rate, which is on average between 12-15% per year. It would vary from client to client.

Why do you check ITC (credit record) when it’s a collateral based loan, shouldn’t you just take my car if I default payments?

We work directly with the major South African banks. The bank checks credit records as they have no intention of taking the car and they cannot do reckless lending to clients who do not pay their accounts on time.

Do you take my car, or do I keep driving my car?

We do not keep the car. We facilitate the deal through the banks so once the contract is signed the client keeps the car, remains the registered owner and the bank will be the title holder. The bank retains only the original vehicle NaTIS until the loan is repaid in full.

Frequently asked Questions