03 August 2022: The lifting of the last of the COVID-19 restrictions is the key to freedom of movement that we have all been waiting for, after two years of lockdown. We can enjoy the freedom from face masks, from restricted numbers attending events and, best of all, the freedom to move and to travel again. Whatever your preferred mode of transport, there is a finance deal to help you on your way and get you moving. One area that is seeing positive growth and opportunity is within the specialist finance market that is leisure finance.
This is a lucrative market that has experienced positive growth, even during the tough lockdown months of the pandemic, explains Mondli Dlamini, WesBank Head of Sales: Leisure Finance. To date, WesBank has captured 21% of market share in the asset classes it has selected for the portfolio, including motorbikes that make up 52% of the total WesBank Leisure Finance book, with bicycles and E-bikes, caravans, boats, and marine equipment among others, making up the remainder.
“We know this is a scalable business and we are looking for double digit growth in this market this year, compared to 2021. It seems the market is ripe for growth as people want to get out and about and explore the outdoors once again, following almost two years of lockdown restrictions,” says Dlamini.
“There is a desire to experience new things and what better way to enjoy the wide-open spaces than on a road or mountain bike or a motorbike. This country offers endless opportunities, and it is our business to assist our customers to make their dream leisure vehicle (vehicles that aren’t for everyday use) or asset a reality.”
Whether your dream is to invest in a two-wheeler, four-wheeler, a caravan or a ski boat, the opportunity to apply for finance for your leisure asset is just the touch of a button away. While you may only use your choice of vehicle for your preferred leisure activity, WesBank Leisure Finance has the capability to assist you to finalise the deal.
“WesBank Leisure Finance is a specialist area of the bank, dealing with leisure assets and vehicles. When you make the decision to invest in a holiday or ‘fun toy’, it is important to understand what you can afford before applying for the necessary finance. The affordability calculator is a quick, easy and accurate tool to give you this information at the touch of a button, either using the WesBank App or through the website,” explains Dlamini.
“Financing a leisure item works in much the same way as you would go about financing a regular car or applying for a loan. You will need to meet some specific requirements in terms of affordability and credit score – if you have a good credit history, pass the affordability assessment and receive a regular monthly income.”
The leisure finance deal should be structured in such a way that it suits your lifestyle and budget. It is also important to ensure that the asset or vehicle you have selected, whether new or used, is accurately valued, and includes an after-sales service or maintenance plan, for any unexpected costs that may be incurred in the upkeep of the asset.
“With a large portfolio of leading brands and OEMs on our books, the leisure finance division is perfectly poised to offer customers a finance deal to secure that dream vehicle or asset. We want to assist our customers to achieve their desired lifestyle and to get them out and about on the open road, a mountain trail or the endless ocean with ease. The time to get moving again is now!” concludes Dlamini.