car financing?

[unsecluded]

Hey guys

If I wanted to buy a 2002 car, what are the best cost-effective ways to finance it?

Can you recommend any companies who would offer a good deal?

Thanks

 

[msm]

Hey guys

If I wanted to buy a 2002 car, what are the best cost-effective ways to finance it?

Can you recommend any companies who would offer a good deal?

Thanks

If you are buying from a dealer a good start would be to get the dealer to start phoning around for you. Ask them to get quotes from all the major banks. Also, if you are already with a particular bank, you may get a preferential rate (but this is not always the case).

 

[ClassicB]

Dont always just go with dealer rates, even if they are adament it is the best.

I got 4.5% less by negotiating with my own bank, then just going with the dealers options.

It is a hassle to do, but will save you on monthly repayments.

 

[unsecluded]

It's not a dealer i'm buying from. Its a private sale.
Are you suggesting I approach a dealer to do the financing or are there other options?

From what i understand, banks won't finance a car older than 5 years. Wesbank seems to, but then not older than 8 years.
The car's a 2002 model, so i guess Wesbank is out

 

[BMW M]

It's not a dealer i'm buying from. Its a private sale.
Are you suggesting I approach a dealer to do the financing or are there other options?

From what i understand, banks won't finance a car older than 5 years. Wesbank seems to, but then not older than 8 years.
The car's a 2002 model, so i guess Wesbank is out

Private Financing is possible, all depending on the vehicle, the price and your credit profile. Try the AA's Private Finance, they check the car for you aswell. :thumbsup:

Depending on cost etc, speak to your bank about a personal loan (FNB has options from R3k - R120k) and negotiate for a good interest rate, as these kinds of loans are usually loaded with high interest rates.

Hope you come right! :thumb:

 

[unsecluded]

Private Financing is possible, all depending on the vehicle, the price and your credit profile. Try the AA's Private Finance, they check the car for you aswell. Thumbsup2

Depending on cost etc, speak to your bank about a personal loan (FNB has options from R3k - R120k) and negotiate for a good interest rate, as these kinds of loans are usually loaded with high interest rates.

Hope you come right! Thumb

The car's actually for my wife and her credit rating should be very good. she has no debts but lots of credit cards. She has been consistently saving money as well. She's been driving for 6 years with no accidents.

The car's my friend's 325ci for R120,000 with 130k. Very clean, 1 owner, no accidents, has been baby'd. It's a manual with what i think are extra's: fold up mirrors, rear-electric blind, harmon kardon sound, sunroof and seats that i don't think are standard (it's got a double seam running down the center of each.

What you think her insurance will be?

 

[P1000]

Show him the add (2001 323ci for R85k with ~140kkm) in the for sale section and get the price down. Her insurance will depend on area, and if she had comprehensive insurance in her name and for how long. Most insurers give the same benefits to your wife if you are the regular driver (wording usually goes something like regular driver or spouse) so it could be possible to insure it in your name and not get penalized if she claims, but that would depend on your contract.

 

[kabal]

http://capetown.gumtree.co.za/c-Car...5K-BMW-323ci-Coupe-low-KMS-W0QQAdIdZ254523326

that car is R35K cheaper, just a thought

 

[Don86]

If push comes to shove you can always try MFC, however you will need to go through a dealer. I saved sometime before I had bought 330i, and I also had a trade in (93 Mazda Sting... LOL) If you really want to save on repayments, the first method is Cash, 2nd If you have a bond and enough funds available, take some cash out to cover the car. 3rd Vehicle Finance, but make sure you have a decent deposit or trade in. Depending on how much deposit you put down and interest rate you get, you could have a decent repayment.

 

[whattingh]

I got a finance through dealer at Absa on a 2002 525i. Interest rate is 13.5% It's not good but not bad as i have seen some online calculator that defaults with 16%

 

[unsecluded]

Show him the add (2001 323ci for R85k with ~140kkm) in the for sale section and get the price down. Her insurance will depend on area, and if she had comprehensive insurance in her name and for how long. Most insurers give the same benefits to your wife if you are the regular driver (wording usually goes something like regular driver or spouse) so it could be possible to insure it in your name and not get penalized if she claims, but that would depend on your contract.

great, thanks for the info :thumbsup:

http://capetown.gumtree.co.za/c-Cars-Veh...Z254523326

that car is R35K cheaper, just a thought Bluebiggrin

hehe, thanks. He did say i could have it for 110,000. I'm not going to hold him to it, don't want to strong arm a buddy. I have been looking at others, that one's an auto though and i do feel confident because i know how he's driven the car. But thanks for the heads up :thumbsup:

If push comes to shove you can always try MFC, however you will need to go through a dealer. I saved sometime before I had bought 330i, and I also had a trade in (93 Mazda Sting... LOL) If you really want to save on repayments, the first method is Cash, 2nd If you have a bond and enough funds available, take some cash out to cover the car. 3rd Vehicle Finance, but make sure you have a decent deposit or trade in. Depending on how much deposit you put down and interest rate you get, you could have a decent repayment.

We've been wanting to do the home bond route especially since there's nothing owing on the house. But we've been reading in the FAQ's that the bank wants plans and quotes and will be doing checks on progress. So is that bull or are we going to require that? We were thinking of putting down about 20,000 as deposit.

I got a finance through dealer at Absa on a 2002 525i. Interest rate is 13.5% It's not good but not bad as i have seen some online calculator that defaults with 16%

Did you get that financing this year?

 

[Riaan335]

Wesbank had a division, Private2Private. Don't know if they still operate.

 

[Don86]

We've been wanting to do the home bond route especially since there's nothing owing on the house. But we've been reading in the FAQ's that the bank wants plans and quotes and will be doing checks on progress. So is that bull or are we going to require that? We were thinking of putting down about 20,000 as deposit.

Well yes you would need the plans etc, If you are taking out a new bond. If you currently have a bond, you can take money out. However your installments would obviously go up bit. The banks will not require any plans if you take money out your bond. It would still work out cheaper then Vehicle Finance.

For example: my dad bought his house in 85, and the term was 20 years. he always overpaid his monthly installments in 94 he took money out his bond and extended the house. in 2004 my dad extended the bond by 10 years and bought another house and my sister a car.

 

[whattingh]

Did you get that financing this year?

september 2010

 

[medres]

wesbank done mine and my car is 9 years old, nedbank also put in an offer, try the banks and see what they say

 

[unsecluded]

wesbank done mine and my car is 9 years old, nedbank also put in an offer, try the banks and see what they say

Thank you, i'll try that :thumbsup: