Established in 2001 as the Imperial Group’s vehicle and asset finance division, MFC grew into a leading motor finance company in South Africa. Doing so attracted the attention of Nedbank, one of South Africa’s biggest banking groups. Thus, in 2009 the transaction was completed where MFC was acquired by Nedbank Limited for just about R1.8 billion.
In the years since then, MFC – Nedbank has continued to grow. Today, with the merger of its old client book with that of Nedbank’s, MFC has assets of over R63 billion! That’s a staggering amount of money. But how did it swell to this much, how has success followed the business in a market so highly contested, and difficult to penetrate? We aim to answer this.
By repositioning their retail banking offering, MFC – Nedbank has grown to 536 000 clients. Those hundreds of thousands of satisfied customers are the people whose loans make up R63 billion the car finance division’s loans. You will notice that in 2013 alone, MFC has grown by almost 14%, which is quite telling of the every increasing number of car buyers seeking loans to finance their vehicles. MFC has made it easy by bringing you products tailored to your individual needs. These include the following –
- Flexible interest rates that go down when South Africa’s overall interest rate decreases.
- The opportunity to end your loan repayment term.
- Preference if you a good credit history
- Anyone can apply for an MFC-Nedbank’s motor finance even if you do not bank with Nedbank
- Online applications
- The bank gives you access to many reputable dealers who sell cars and offer finance from MFC
- Other benefits that come with the loan
Typically, motor finance companies in South Africa extend your loan to five years (or 60 months). But MFC has taken the brave strategy of giving you up to 7 years to repay your loan. That way you will have more money left over to enjoy doing the pleasures of life, while knowing that your car doesn’t require much out of you than just maintaining it the right way so you can get a good resale value for it.
You don’t need to be an insider, using your MFC contact to get ahead of other applicants. Just do your best, follow step by step applications, and your loan should be approved if you meet MFC’s criteria.