Car Financing through car dealership

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alisiaoh

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:mad:So i have applied for Car Finance throught the dealer where i want to buy my new car from. Only prob is they are only giving me finance through 2 banks Wesbank and MFC and they told me that they would be applying to all the banks!!!:mad:

Now i am struggeling my a$$ of trying to negotiate a better rate with the banks as they say they cannot give me a better rate because i have to go through the dealer!! WTF!!!! Because filling in another application for will be double work for them. My problem is the Dealer is telling me this is the best rate that i can get and i think it is hogwash!! I know i can get a better rate if only the idiots at the bak would help me.....:mad::mad:

Does anyone outhere know what i could do? My first task tomorrow morning will be to pester all the banks' vehicle finance divisions to see if the Dealer did in fact send the Application form to them as promised.

Any advice would really be appreciated.
 
do the application yourself. apply on line, you will get a response before midday. tell the guy at the dealer ship to hold on, and MFC are a BIG NO NO :mad:

do the applications yourself, online or go to the banks. wesbanks always gives people finance but the only problem is that they will give you a hell of a rate at times:)
 
I would NEVER trust a dealer. Rather speak to each bank yourself and arange your own finance. Screw the dealer.
 
i did do an applications online, only to be told that they (wesbank)had already received the forms from the dealer and that i've created duplicate work by filling in the forms twice. They also told me that because i had applied through the dealer i need to speak to the dealer to negotiate a better rate with the bank.......

also sent through an application to the AA for finance so lets hope they can do something for me since i am a member of theirs.....
 
3 questions / 1) value of car 2) interest rate given 3) finances straight / residual / how many months....


Will tell you if you being ripped off
 
alisiaoh said:
1) R65 600 (and i am giving 10% dep) 2) 18.5% 3) Installment sale 4) either 54 or 60 months
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That's an insane interest rate :eek:

WesBank is the worst car finance you can get. They will just screw you over. From experience, my advice is NEVER get finance through car dealerships as they lie to you. They normaly use WesBank as they (Wesbank) approves everyone and gives you a very high interest rate.

The car dealership will then come back and tell you it's the best deal you can get. It's all lies they screwing you over.

It also happened to me. I was approved by Wesbank through a car dealership and I got 15.5%. I went to standard bank and got a far better deal(the dealership lied and said Standard bank didn't approve me).

Anyway, my short answer is, source the finance yourself.

Good luck and never listen to what the dealership says. Do it yourself.
 
alisiaoh said:
1) R65 600 (and i am giving 10% dep) 2) 18.5% 3) Installment sale 4) either 54 or 60 months
Click to expand...

With the assumption that R65600 is the amount after the 10% deposit your monthly premium should be the following:

54 months: R1798.67
60 months: R1683.70

With the assumption you still need to pay the 10%, then the loan amount will be R59 040 and your premiums the following:

54 months: R1618.80
60 months: R1515.33

Hope it helps.
 
that is a crap interest rate,dont accept it
 
Dreamb said:
That's an insane interest rate :eek:

WesBank is the worst car finance you can get. They will just screw you over. From experience, my advice is NEVER get finance through car dealerships as they lie to you. They normaly use WesBank as they (Wesbank) approves everyone and gives you a very high interest rate.

The car dealership will then come back and tell you it's the best deal you can get. It's all lies they screwing you over.

It also happened to me. I was approved by Wesbank through a car dealership and I got 15.5%. I went to standard bank and got a far better deal(the dealership lied and said Standard bank didn't approve me).
Click to expand...

I have been phoning all the banks this morning to find out why i havent heard anything about financing from them, and this is what i've been told so far :
Absa - wants a bigger deposit
Standard Bank - declined me as i do not bank with them and something about my equity rating as well as my initial score was not big enough(WTF?? i dont have that much debt and i have always paid my account timeously and i always pay more so how can i not get financed??):confused:
Nedbank does not answer their damned phones...

EvoBunny said:
With the assumption you still need to pay the 10%, then the loan amount will be R59 040 and your premiums the following:

54 months: R1618.80
60 months: R1515.33

Hope it helps.
Click to expand...

ja this is the amounts that i also got when i did the calculations through the banks finance calculators (i did it on all the banks' sites that offered this option) But what is really P&$sing me of is the fact that the installment amounts the dealer has given me is totally different.

The amounts the dealer gave me is as follows:

54 Months R1 757.14
60 Months - R1 644.86

:mad: i have sent a letter to them in writing now, so they can explain to me how they calculated those amounts because its just ridiculous!!!! :mad::mad:

i am seriously considering to just tell them to go and Blow themselves-that i will go somewhere else to buy a car.
 
18.5% = highway robbery

Most I would pay is prime which is about 15.5% I think. Bets bet is to apply to all the bank yourself and then negotiate amongst them.
 
Just make sure they didn't add some monthly admin fee or something, cause that might be why it's more...
 
that's an insane rate. Try Absa, it's possible to get a fixed interest rate, 0% deposit at the current prime level or less at the moment. But I honestly don't know the preconditions in getting that kind of offer.
 
koeks said:
Rouxenator how was your weekend in your house...
Click to expand...

Wasn't home - went to the holiday house on the west coast. I love going there cause there is this nice long stretch before you get Veldrif where you can cruise at whatever speed you like.

Here's a short clip from long ago when my camera was still a new toy :p http://www.youtube.com/watch?v=8Emb4ltzab8
You can stay at those speeds for pretty much the whole time if you like. Unfortunately this is a 1.6 so it will go up to 195 but no more :o
 
Some say that his posts are the facts, and if he drove a GTI it will make him more gay than an apple a day. All we know is he is called the Rouxenator:cool:


mr busy bee...
 
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