Car finance question

BaTouSai said:
Gross is R5000 p.m after deductions I have R4900 p.m

R4900 minus my living expenses leaves me with R2300-R2500 p.m disposable money.
Which at the moment I either spent on Friday nights or on games :)
Click to expand...

And you don't think about saving for deposit?
 
Don't fool yourself into thinking you can afford it because your disposable income is x amount.

Along with the monthly repayments you WILL need insurance (in case you smash your tazz into if back of a porsche) and you will need cash to fix (usually a monthly occurrence,after fixing one thing, something else breaks) and maintain the car ( tyres,clutch,brakes,cv joints etc.)

Maybe find something cheaper or sell your body to pay for the car?



Sent from my GT-I9000
 
mike156 said:
Don't fool yourself into thinking you can afford it because your disposable income is x amount.

Along with the monthly repayments you WILL need insurance (in case you smash your tazz into if back of a porsche) and you will need cash to fix (usually a monthly occurrence,after fixing one thing, something else breaks) and maintain the car ( tyres,clutch,brakes,cv joints etc.)

Maybe find something cheaper or sell your body to pay for the car?



Sent from my GT-I9000
Click to expand...
I don't think he's considered fuel costs either.
 
I am thinking maybe I should get a cheaper car say for about R20 000-R25 000 and then I can just take third-party insurance.

Do you think there is a chance I will get a good deal for that budget.

I would really like a Corolla or Conquest but people know they can get a lot of money for them even with very high mileage :)
 
You can get financing from ABSA with a private to private sale if you do it through a dealer. I bought a 2005 model just over a year ago and got financing from them. The cost of going through a dealer is 3% of the purchase price of the vehicle. Not sure if there is a certain mininum. My car cost R200k, so basically I had to pay an extra R6k. The dealer also charges all the normal registration and licensing costs over and above that.
 
Can't you borrow the money from your folks, or other family and pay them back? Try and make a deal, where they borrow the money against their bond and you pay them back over a period of say 54 months + interest. Their interest rate would be something like 7 - 9%
 
Not the best of ideas but if you get a credit card and overdraft you should be able to cover the cost of that car. You might even better your profile in the process
 
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