Car loan interest rate

Nedbank and wesbank are both on 8.75 atm. Wesbank's trying to keep me as a customer so they're going lower and will get back to me. Much better than the crappy rate of 12 i originally got! It turns out that managers are the only people you need to deal with. The guys at the bottom can't really do anything but the paper work for you.
 
bnr88 said:
Nedbank and wesbank are both on 8.75 atm. Wesbank's trying to keep me as a customer so they're going lower and will get back to me. Much better than the crappy rate of 12 i originally got! It turns out that managers are the only people you need to deal with. The guys at the bottom can't really do anything but the paper work for you.
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:( This makes me quite depressed. :(. I wish i had known i could haggle a better rate!
 
I just bought the wife a card and ended up with 9.5% , and that with some negotiation.

and 1 above prime is not all that bad.
 
Are you putting in a rather large deposit?

Normally they will nail you on interest rate if you do that as they are ultimately making a lot less money on you that way.
 
No deposit. I'm gonna sell my current car and then put that money into the loan as a lump sum and tell them to recalculate my installments.

I got 8.5 from wesbank :) Can't complain about that.
 
bnr88 said:
No deposit. I'm gonna sell my current car and then put that money into the loan as a lump sum and tell them to recalculate my installments.

I got 8.5 from wesbank :) Can't complain about that.
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That's a very good rate.
 
You guys arevery lucky, I got a rediculous rate of 12.0%! I was initially quoted 15%! I put down a huge deposit of R 100 000 on a R 189 000 car. Can I re-negotiate my rate? I feel like I was ripped off but this may also be because I dont have a credit history as I paid off my bond(small one ) and it was first ever financed vehicle.
 
Its not luck, its business, the bank wants the best deal for them, you want the best deal you.

You probably find your deposit shot you in the foot, it's very unlikely they will renegotiate...
 
Ja i think it was because of the deposit as well. This is also my first financed vehicle and I don't even have a bond history like you did. A small amount like 89k will get you a high-ish rate.
 
Kbeat said:
You guys arevery lucky, I got a rediculous rate of 12.0%! I was initially quoted 15%! I put down a huge deposit of R 100 000 on a R 189 000 car. Can I re-negotiate my rate? I feel like I was ripped off but this may also be because I dont have a credit history as I paid off my bond(small one ) and it was first ever financed vehicle.
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MFC will not renegotiate my interest rate.
I might see how much a personal loan would cost interest wise and pay it off with that maybe.

Does anyone know if i could get hold of wesbank and see if they would finance the remainder of my car costs?
 
I am also financed though MFC and I am going to take chances to ask for a lower rate. I cannot believe people are paying so little.
 
I'm surprised mfc gave you guys such high rates. Out of all the banks, they started off the lowest. Wesbank then lowered their rate to beat mfc because I'm a fnb client and they wanted to keep my business. If i wasn't with fnb I would have definitely gone with mfc's rate.
 
The_Unnamed said:
MFC will not renegotiate my interest rate.
I might see how much a personal loan would cost interest wise and pay it off with that maybe.

Does anyone know if i could get hold of wesbank and see if they would finance the remainder of my car costs?
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Highly unlikely that a personal loan will give you a better interest rate.

Rather just take the higher rate and pay the car off in lump sums asking them to recalculate the interest each time you do.
 
I gave Wesbank a call. The woman said they might be able to help with refinancing the car through them.
I just need to get all my current details to give to her tomorrow.
 
The_Unnamed said:
I too got shafted with my interest rate when i bought my car 2 years ago.

I am now 25 and wondering if its possible to get the interest rate re-negotiated, or if its worth my while taking out a personal loan and paying my car off with that.
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Yes, my brother had an interest rate of 16% fixed, he approached his bank (SB) and asked them if they would take over that finance deal, settle it and then give him a new loan at a better rate, it worked, they did it no problem and it went down to 11% on a new loan.
So it is definitely possible to settle your debts at anytime and start a new loan.
 
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