Finance advice

[rodga]

I would finance the full 200k putting the minimum deposit (say 10%), this will get you the best possible rate.

Then (as was already said) phone up the vehicle finance company and do a capital reduction of 130K (150K-200K*10%), this will probably leave you owing more than 50K but you'll be paying that back at the original 200K interest rate.

I would then try and save a bit each month (1k-2k) and then pay it off when your savings = the settlement amount. That should take about 2-3 years.

Also very NB in this scenario do not take top-up cover from the finance company/insurance company. You don't need it as you final amount owing to the bank will be rather small (50k-60k)

thanks
that seems like a plan

 

[JK8]

Did you ask the bank what rate they would give you?
I put R80k deposit and financed 100k, got prime -2.

 

[Kloon]

Ask the dealer to give you the R50k discount as you will be paying cash.

 

[rodga]

Did you ask the bank what rate they would give you?
I put R80k deposit and financed 100k, got prime -2.

havent spoken to them you yet, will do so in this week

 

[rodga]

Ask the dealer to give you the R50k discount as you will be paying cash.

i wish...
its a second hand car, so i doubt the discount will be that substantial