Deposit on older cars

[koeks]

Guys what are the chances of buying a 2004 car without paying a deposit?

NCA

 

[Pitbull]

Easy, have it loaded on the Purchase price.

And yes, I hope this old model does 120km/h quicker than a truck doing 120km/h

 

[Bondizzo]

why without the deposit ? surely a bank wll think you cant afford it if you can't commit to a deposit ?

 

[Pitbull]

why without the deposit ? surely a bank wll think you cant afford it if you can't commit to a deposit ?

Not the case, they assume you are paying a deposit because the price is inflated. So you don't pay the deposit and the dealer get's their price. Pretty simple to do.

But then you pay interrest on that deposit for 5 years

 

[koeks]

why without the deposit ? surely a bank wll think you cant afford it if you can't commit to a deposit ?

no not really... The car is R145k and they want me to pay R32k deposit...

 

[koeks]

Easy, have it loaded on the Purchase price.

And yes, I hope this old model does 120km/h quicker than a truck doing 120km/h

thanks pit
and yes i think the model is quicker than a truck

 

[Smooth Criminal]

why without the deposit ? surely a bank wll think you cant afford it if you can't commit to a deposit ?

Assuming he can finance it at all. Banks are usually hesitant to finance cars older than 5 years, unless he takes some other type of loan which have their own consequences.

 

[Pitbull]

Assuming he can finance it at all. Banks are usually hesitant to finance cars older than 5 years, unless he takes some other type of loan which have their own consequences.

They are way more easier on older cars since the car market is hugely over priced. I think it's now 7 years, but I talk under assumption.

 

[mobilescan]

Maybe with a personal loan you could

 

[deweyzeph]

Guys what are the chances of buying a 2004 car without paying a deposit?

NCA

No deposit needed if you pay cash

 

[koeks]

No deposit needed if you pay cash

 

[Fazda]

Putting the deposit into the purchase price can be done, but you end up with a horribly overpriced car, and that will also be tossed out by the banks, as they only allow a certain percentage over book price, and are very picky picky when it come s to older cars...that's why they are asking for that massive deposit in the first place, so it's a catch 22 which you aren't going to win...either come up with the deposit or forget it...

 

[wizdumb]

2 yrs ago my gf bought her '99 car with no deposit...

...so yes i reckon it still can be done, but i think they hike the interest on more, maybe like an extra 2-3%