If your WesBank vehicle finance is linked to the prime rate, your instalment rose after the South African Reserve Bank lifted the repo rate by 25 basis points on 23 September 2026. The repo rate is now 7.25% and prime is 10.75%, after the second hike of the year. The next rate decision is on 19 November 2026.
WesBank, the vehicle and asset finance arm of FirstRand, is one of the biggest car financiers in South Africa. It also runs a large bank-repossessed vehicle auction business. Here is what the hike means for you, plus how to use WesBank’s calculator, log in, get a settlement letter and buy at auction.
What the rate hike means for a WesBank car loan
WesBank prices each deal individually and does not publish a single rate. Many vehicle loans are linked to prime plus a margin, so they move with every repo change. Fixed-rate agreements keep the rate you signed for.
Here is an illustrative example, assuming a loan at prime plus 2%:
| R350,000 over 72 months, no deposit or balloon | Before the hike (12.50%) | After the hike (12.75%) |
|---|---|---|
| Monthly instalment | R6,934 | R6,980 |
| Total repaid over the term | R499,242 | R502,548 |
Illustrative figures only, excluding fees and insurance. Your rate depends on your credit profile and deal.
A quarter-point hike adds about R46 a month on this loan, or about R3,300 over six years. On larger loans, longer terms or deals with a balloon payment, the increase is higher.
Balloon payments are growing
More South Africans are using balloon payments to keep monthly instalments down. WesBank’s own data showed the share of new finance deals with a balloon rose from 27% in July 2025 to 35% in August 2025, with the average balloon at 37% of the price.
A balloon lowers each instalment, but you still pay interest on the full price and owe the lump sum at the end. If your deal has one, start saving for it now, or ask WesBank about extending or refinancing it before it falls due.
How WesBank vehicle finance works
WesBank finances new and used cars, bakkies and commercial vehicles, mostly through dealerships. It also runs finance for several manufacturer brands, such as Volvo Car Finance, under its own credit licence (NCRCP20, as a division of FirstRand Bank).
You can choose between two main structures:
- Standard instalment finance: you repay the price, minus any deposit, over the term.
- Instalment finance with a balloon: part of the price, up to 35%, is deferred to a lump sum at the end. Interest is charged on the full price, including the balloon.
Your rate can be fixed for the term or linked to prime. A linked rate moves with every repo change, as the September 2026 hike showed.
WesBank calculator: Work out your instalment
WesBank’s vehicle finance calculator shows your estimated monthly instalment for a price, deposit, balloon, term and interest rate. Use it before you visit a dealer, so you know what you can afford.
To get a useful estimate:
- Enter the full vehicle price, including extras.
- Add any deposit or trade-in.
- Try it with and without a balloon, and compare the total repaid.
- Test a higher rate too. If the rate rises again in November, your instalment will too.
Remember to budget for comprehensive insurance, which financed cars require, and for licence and running costs.
How to apply for WesBank vehicle finance
You can apply through a dealer, on the WesBank website or in the WesBank app. FNB customers can also use nav»Car inside the FNB app, where some clients see a pre-selected WesBank finance offer.
The online application checks your affordability and gives an outcome quickly. If you do not qualify, WesBank says it shows the price range you can afford, so you can look at a cheaper car.
Have these ready:
- Your SA ID
- Recent payslips and bank statements
- Your monthly income and expenses
- Details of the vehicle you want
WesBank login and self-service
WesBank customers manage their accounts through the self-service portal on wesbank.co.za or the WesBank app. Every customer with an active WesBank vehicle finance account or one with a WesBank partner brand can use the portal.
Once logged in, you can:
- Download current and future settlement quotes
- Check your loan status and statements
- Renew your vehicle licence for a single fee, with delivery
- See whether you have reached break-even, where your car is worth more than you owe
- Check your credit profile and affordability before your next purchase
If your car is financed by WesBank, it can also load automatically into nav»Car in the FNB app.
WesBank iContract
iContract is WesBank’s online system for signing your finance agreement, so you do not have to sign paper at the dealership. When your documents are ready, WesBank sends you a link and your account number. You log in with your ID number, your WesBank account number and a PIN sent to you by SMS or email, check your details and sign.
Read every page before you sign, especially the interest rate, whether it is fixed or linked, the balloon amount and any add-on products.
WesBank settlement letter
To pay off your car early, download a settlement quote from the self-service portal or request one from WesBank. The quote shows the amount to pay and how long it is valid for.
When you pay by EFT, use the reference shown on your settlement letter, which is usually your WesBank account number. If your bank rejects the reference, contact WesBank for the correct payment details before you pay.
WesBank contact details
Use only the contact numbers and email addresses listed on the Wesbank contact page or in your WesBank app. Scammers use WesBank’s name on fake letterheads, especially around auctions, so check any number before you call it or pay anyone.
WesBank auctions: Buying a repossessed car
WesBank is one of the largest sellers of bank-repossessed vehicles in South Africa. Its auctions run weekly, both in person, including at its Midrand auction centre, and online.
How WesBank auctions work, according to WesBank:
- Catalogues of repossessed cars are updated at 12pm the day before each auction.
- Cars can be viewed before bidding starts, and stock changes every week.
- Every car sold is unencumbered, meaning it is free of debt.
- There are runner and non-runner auctions, so non-runners can be bought for parts.
- To bid online, you register and pay a refundable deposit. Once approved, WesBank emails you a username and password.
What to watch out for
Auction cars are sold voetstoots, as they are, with no warranty. Inspect the car or bring a mechanic, set a maximum bid, and add auction fees to your budget.
Scammers create fake auction adverts on social media and send letters on copied WesBank letterheads. WesBank says it does not sell its auction cars through those platforms. Only deal with WesBank’s own auction site or centre, and never pay a deposit into a private account.
What happens if your car is repossessed
If you fall behind, contact WesBank before the account goes into default. WesBank has said that repossession is a last resort and that it prefers to design new payment arrangements.
If a car is repossessed and sold at auction, it often fetches less than its market value. You remain liable for any shortfall between the sale price and what you still owe.
Does WesBank offer personal loans?
WesBank focuses on vehicle and asset finance. For a personal loan, compare banks and loan apps in our guide to the best loan apps in South Africa.
Frequently asked questions
Is WesBank part of FNB?
WesBank and FNB are both divisions of FirstRand Bank. WesBank handles vehicle and asset finance.
Did the September 2026 rate hike affect my WesBank instalment?
If your loan is linked to prime, yes. Prime rose to 10.75% after the 23 September 2026 hike. Fixed-rate agreements are not affected.
How do I get a WesBank settlement letter?
Download a settlement quote from the WesBank self-service portal or app, or request one from WesBank. Pay before the quote’s expiry date.
What is WesBank iContract?
It is WesBank’s online system for signing your vehicle finance agreement with your ID number, account number and a PIN sent by SMS or email.
Are WesBank auction cars sold with a warranty?
No. They are sold voetstoots, as they are. Inspect the car before you bid.
How do I join a WesBank online auction?
Register on WesBank’s auction platform and pay the refundable deposit. Once approved, you receive login details by email.
Last updated: November 3, 2026
