Finance rates from banks

I

ID_10_T

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Want to know what interest rates you got on your car finance deal from the bank. Name the bank and percentage.
 
phone the banks... it differs from person to person.
 
Yep I know it differs from person to person - thats why I want to know what are the other people getting from the banks. I get the idea that the banks are abusing the current financial crises as an excuse to hike the rates. In the good time they were quoting prime and less. Now they start with prime +4. So the more you pay the higher the risk. So banks should actually lower the rates to decrease the risk for the client
 
ID_10_T said:
Yep I know it differs from person to person - thats why I want to know what are the other people getting from the banks. I get the idea that the banks are abusing the current financial crises as an excuse to hike the rates. In the good time they were quoting prime and less. Now they start with prime +4. So the more you pay the higher the risk. So banks should actually lower the rates to decrease the risk for the client
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Firstly, it totally depends on the individual and the situation they are in. They aren't abusing any situation but have learned their lesson from giving out cheap credit. If you are in a bad financial situation and run the risk of defaulting then they will charge you very high rates so that the benefits outweigh the risk. I know quite a few people who can get prime and prime less. Banks are worried about their exposure to the client, and if you are dangerous, they will charge you prime +4%.
 
phiber said:
Banks are worried about their exposure to the client, and if you are dangerous, they will charge you prime +4%.
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True but sometimes I think the banks method of working out the risks are a bit wacked.
When I applied for a home loan last year:
Nedbank came back with prime +3%
ABSA came back with prime.
FNB came back with prime.
SAHL came back with what equates to prime (JIBAR +3.5%)

Haven't got a clue why Nedbank wanted to charge me 3% more than the other banks.
 
Best rate I could get is 13.5% fixed, and 12.5% linked. Im going to go for the fixed rate.
 
Think I'm prime +1.5 now (Wesbank)
 
Joh...I got 19% FIXED...i worked it out its about R300 or so MORE than I would have paid if it was about 15%!!!

I know its going to be much lower with my next car!
 
I have had as low as Prime -1 before the NCA with Wesbank.
Currently Prime plus 0.5% Standard over 3 years or 36 months.

From what I understand the term is important to the Banks, longer being better for them, although I insist on paying off over 36 months whereas they would prefer 54 or 60 months.
 
Yea - NCA is a bitch :/

Got prime -1 before as well
 
I got prime +2% from MFC (First time buyer, 48 Months, Amount: +- R96K).
 
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Dolby said:
Yea - NCA is a bitch :/

Got prime -1 before as well
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What the car salesman did say to me if it is true ... Banks have been losing a lot of money with the high number of Instalment Sale defaults and subsequent repossessions that is very difficult to get anything under prime from the Banks these days as they are still trying to recoup their losses
 
Wesbank before NCA, Prime - 2%

Current with MFC
Car 1 is at prime
Car 2 is at prime - 1.5%

Maybe MFC rewards you if you have more than one car with them?
 
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