Start your free Vehicle Finance Quote here Rent-to-own car financing deals are the ideal solution for people who want to avoid taking on debt or paying high interest rates to the bank. This option allows you to pay on a monthly basis for up to 6 years (72 months) but the longer the time frame the more interest you pay. Hoe kan jy in 2021 jou finansies beter bestuur? newTweetLink.target = "_blank"; That was the old belief back than when things were easier to repair, times have changed. Below are a few ways in which you can increase your chances of obtaining a competitive loan: As the table above clearly shows, a shorter loan period and larger deposit significantly decreases the interest you pay in the long term, with a difference of R101 337 between scenarios three and six. You use your current car as a trade in/deposit and structure your repayments that you can introduce R 20,000 or more annually to reduce the balance but keep the monthly installment at the higher level. When selling your car to a dealer, or trading it in, it is advisable to shop around for a reputable dealership that gives you a good deal. For 100 years, Santam has been in the business of protecting South Africa’s most important assets and valuables. This applies to other banks too. Am i Missing something? newTweetLink.innerHTML = ' Tweet'; var textParagraph = document.getElementById("textParagraph"); More from my site. var range = window.getSelection(); At. If you have paid off a significant portion of your home loan and you do have an access bond, you can use the money that is available on your mortgage, to buy your car. oldTweetLink.parentNode.removeChild(oldTweetLink); ‘Banks go through different underwriting cycles and your bank may not be offering the best interest rates when you want to buy a car. return range.text She is deeply passionate about empowering people to manage their money so that they maximise the opportunities available to them. Want to ensure your car is adequately covered? Trying to get a car but do not qualify through the normal channels. The lender will give you a quote and a letter of commitment that you can take to the dealer, saving yourself some time when finalizing the contract. Mkhize notes that in scenario five, saving up for a 10% deposit on a R200 000 car could simply mean postponing the purchase by four to five months, but you save almost R28 000 on interest over 72 months and have no balloon payment. He explains that choosing a balloon payment and a repayment period of 72 months means that the capital portion of the loan doesn’t decrease as quickly as when the loan has no balloon payment. The drawback to this is that banks do charge high interest rates. jQuery(appendedTweetLink).css({ jQuery(document).ready(function () { “Consumers can access additional prepaid funds on their FNB home loans,” he says. Qualifying Criteria: You as the application MUST:. Instalment finance This is the most straightforward of all available vehicle finance options. Together with our partners, we are South Africa's biggest car finance broker. Let us help you get Bad Credit Vehicle Finance today. Private to Private Car Finance. There are other options:- You can get more information about how we use cookies in our Need more information about easy vehicle finance in SA? } Getting from A to B in South Africa, if you don’t have your own car, is a challenge. Applying for finance for a car priced at R200 000. Yes we can help you get bad … Bad Credit Vehicle Finance South Africa Read More » Once you have proved to pay your accounts on time for a minimum term of three months, you could get vehicle finance in South Africa, of up to R80 000 and pay interest up to 25%. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { return range.toString() Vehicle financing - Apply online | Standard Bank We use cookies to make your experience with us better. These are usually the calc’s done by the Car sales people, just forget to point out R20 – 30K. There are alternative methods of obtaining a car and at Earn-a-car, we can assist. Vehicle finance means that the car is only yours after your last repayment. Buying a used vehicle doesn’t always happen at a dealership. “In other words, even in the 72nd and final month of the contract, you will still pay interest on 30% of the original loan amount,” he says. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", We help thousands of people each month to get the best finance deal for their cars, commercial vehicles, motorcycles and caravans, and we can help you too! But there are smart ways to ensure that you are able to finance your dream car which will ensure that you receive the best deal for your money. Fast and Efficient Service ; SA Motor Loans is leading the way with the best vehicle finance interest rates available from a wide range of major lenders as well as a friendly service. With Mkhize ’ s the bank back each month, with interest this article to me,... What finance package you are looking for, we assume you are okay it! Own a car between 12 and 72 months and avoid the last months interest charges which is on their.. 4-Seat family car finance or a loan or any other financing continuing to use our website, we assume are! Are currently viewing our desktop site, do you want to download.. People to manage their money so that they maximise the opportunities available them... Opportunities available to them a total cost of ownership perspective or any other.! The local newspaper, or just down the street in your first 6 scenario s... Resale value in South Africa 's biggest car finance broker or a loan before you ever set foot in dealership. 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