How It Works

Looking to buy a new car but can’t commit the full cost all at once?

That’s why E-Finance & Development offers vehicle finance!

What Is Financing?

With financing, E-Finance & Development purchases your car for you, allowing you to pay a monthly deposit based on your contracted package, until you’ve paid off the car in full.

This allows you to spread the cost of the vehicle over a period of time, whether it’s one year or seven, depending on what you can afford to contribute each month.

At E-Finance & Development, each and every customer’s finance package differs according to their individual circumstances. Our finance packages come in one of three variations – Balloon Finance Plans, Straight Finance Plans, and Operating Lease Plans.

Balloon Finance Plans

This is by far the most popular and flexible choice when it comes to vehicle financing. This finance style offers the lowest monthly payments, making it more affordable on tighter budgets. These low monthly payments are made possible by including a Balloon Payment – a proportion of the total loan – as a final payment at the end of the finance agreement. The value of this balloon payment is based on the equity and probable resale value of your vehicle, amongst other factors.

With the balloon finance plan, you have even more options. At the end of your loan, you can either pay the final Balloon Payment and receive full ownership of the car, hand back the vehicle to E-Finance & Development with nothing more to pay; or trade in the vehicle, using any equity as a deposit on your next car!

It’s worth nothing that the balloon payment is usually multiple times larger than the monthly instalment and is paid as a one bullet payment at the end of your lease. This loan style marries financing with leasing, allowing you to decide which choice best fits your lifestyle.

Who’s it for?

You want to purchase a more expensive vehicle with a lower monthly payment than traditional bank financing.

You want to change or upgrade your vehicle.

You want to budget a fixed monthly amount to your vehicle payments.

Things to consider

01

A significant proportion of the loan is deferred to the end of the agreement. Budget for this larger sum if you’re planning on owning the vehicle.

02

Failure to maintain the vehicle or excessive mileage could reduce the value of the vehicle, which will affect potential trade-in offers.

03

Additional charges could apply if you return the vehicle in poor condition.

04

You cannot sell or give the vehicle away until you have made all repayments under the agreement.

Straight Finance Plans

E-Finance & Development’s Basic Plan is the most straightforward of all. Similar to hire purchase, this plan will help you purchase your dream car, splitting the cost over the contract term with affordable monthly payments. After the car is purchase and the agreement is signed, you’re free to drive off in your new vehicle. After all of the monthly payments are made over the allotted time period, the car is yours.

This plan features equal monthly payments, without a final balloon payment, and is preferred by customers who like to consistently budget for on agreed-upon car payment cost each month.

Straight Finance Plans

You want to own the vehicle outright at the end of your contract term.

You want the flexibility to set the period of time and the initial deposit.

You want to create a monthly payment that suits your pocket.

Things to consider

Failure to maintain the vehicle or excessive mileage could reduce the value of the vehicle, which will affect potential trade-in offers.

You cannot sell or give the vehicle away until you have made all repayments under the agreement.

Operating Lease Plans

Simply put, taking out and operating lease a car is like renting a home. Unlike Straight Finance, you do not own the car you’re driving. Instead, you pay a monthly payment to utilize the vehicle, and at the end of your leasing contract, you can either purchase the vehicle, hand back the car and walk away, or trade it in for another car or a newer model, starting a new operating lease agreement.

E-Finance & Development can even include maintenance services included in your Operating Lease package, so none of the headache of up keeping and maintaining the vehicle falls on you.

Who’s it for?

You like to change your vehicle often and prioritise driving the latest models.

You want to control your monthly budget with a fixed monthly instalment over the length of your contract.

Things to consider

Failure to maintain the vehicle or excessive mileage could reduce the value of the vehicle and result in additional charges being applied.