Purchase price
The purchase price refers to the price of the vehicle, including VAT, excluding the optional extras and deposit.

Total value of extras
The total value of extras refers to the value of all optional extras, including VAT, that are to be included in this finance agrement. Examples of extras include radio/CD player, mag wheels, sunroof.

Deposit
A deposit is an amount paid by the borrower, to reduce the finance or loan amount required. A deposit is not always required when financing a motor vehicle.

Finance amount
The finance amount is the amount that will be financed by the bank and is the amount used to calculate the monthly instalment.

Term
The term refers to the number of months over which the loan will be repayed. The maximum repayment period is 72 months.

Interest rate
The percentage annual interest rate applicable to the transaction.

Fixed profit ratio
The percentage annual profit ratio applicable to the transaction.

Balloon %
The balloon percentage is the balloon lump sum payment expressed as a percentage of the finance amount.

Balloon payment
A balloon payment is an inflated payment at the end of a contract. The customer is solely responsible for the balloon payment and at the end of the agreement has certain options that include: settle the account in cash, dispose of the vehicle and settle the account, or re-finance the payment at the banks discretion. Whilst a balloon payment has the effect of reducing the monthly instalment, total interest paid can be higher and therefore vehicles should be financed with the lowest balloon payment possible.

Basic repayment
The basic repayment refers to the amount which is paid to the bank every month, including the admin and initiation fees if selected, but excluding any insurance products.

Insurance products
The monthly amount payable on selected insurance products. This monthly amount excludes any annual or term insurance options.

Monthly repayment
The monthly repayment refers to the amount which is paid to the bank every month, including the admin and initiation fees if selected, as well as any selected insurance products.

Interest paid
The interest paid refers to the total interest that will be paid on the deal if it runs for the full term.

Profit paid
The profit paid refers to the total profit that will be paid on the deal if it runs for the full term.

Total paid
The total paid refers to the total amount (including interest and capital) that will be paid on the deal if it runs for the full term.

Total paid
The total paid refers to the total amount (including profit and capital) that will be paid on the deal if it runs for the full term.

Monthly admin fee
The monthly admin fee is a compulsory monthly bank fee that is charged for the administration of an account in terms of the National Credit Act.

Initiation fee
The inititation fee is a compulsory once-off bank fee that is charged when opening a new account in terms of the National Credit Act. The initiation fee can be financed as part of the loan (this is generally the case), or paid separately.

Customer Protection Plan (CPP)
CPP settles your outstanding loan balance in the event of your death, permanent disability or certain dread diseases. It also provides limited cover in the event of temporary disability and retrenchment.

Coverplus
Coverplus offers you shortfall insurance covering the difference between the insurance company payout (market value) and the balance still owing to the bank.