Financing a Car When Self Employed! Shoooo

s898 said:
@BTTB Thanks. I've noticed that but thought it might still be helpful if I can get a bit more info. Apologies if it's not very appropriate to comment on very old threads.
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Unsure if this is helpful>

I'm self employed, in the process of buying a Toyota Dyna as delivery vehicle for our business.
Got 7.5%, 0.5% above Prime over 3 years from my own Bank.
Will be funding 25% in cash.
Had to haggle a bit, the guy claimed they are not making money out of my transaction, which of course I don't believe for a second. Standard Bank has made tons of money out of me over the last 30 years of being in business.

Still haggling with my broker to get a better rate for the Insurance.

Its a minefield out there.

You can comment on old threads, not sure if you will get any answers. I saw it because I was still subscribed to the thread albeit 7 years ago. Welcome to start a new thread? :cool:
 
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Thank you. Looking from my side, I think you are lucky to get that interest rate :laugh:. You are right, not many people will notice a 7 year old thread. I will start a new thread later today.
 
Anybody else reading this in 2024?? Any bulletproof resolutions yet?

Wife is a freelancer working for 3 people in US and have been working for them for more than 24 months already.

Earns over R80k+ per month.

NO FINANCE! Not even for a car worth R299k.

We are so fed up with this.
 
JcBeuk said:
Anybody else reading this in 2024?? Any bulletproof resolutions yet?

Wife is a freelancer working for 3 people in US and have been working for them for more than 24 months already.

Earns over R80k+ per month.

NO FINANCE! Not even for a car worth R299k.

We are so fed up with this.
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Have you tried drafting professional Annual Financial Statements (for a sole proprietorship) and having the same accountant draft a letter stating she "withdraws" X amount every month and has X amount to spare?

AFS shouldn't cost more than R8k once a year and I have even seen a roadside ad by what seems to be a gomgat accountant that would do it for R5k.

Then you do the financing in the sole proprietorship (still her personal name).

Edit: She might have to do the bookkeeping herself, but that isnt rocket science but would/should have to be done in any case for tax...
 
I'm gonna speak to my accountant today. We did try the accountant route a few months back but they still said too high risk.
 
JcBeuk said:
I'm gonna speak to my accountant today. We did try the accountant route a few months back but they still said too high risk.
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Try applying as a business with the AFS

Edit: and also search for F&I agent of the year in your area, they usually are a bit more clued up and go the extra mile to help
 
dontcryforme said:
Try applying as a business with the AFS

Edit: and also search for F&I agent of the year in your area, they usually are a bit more clued up and go the extra mile to help
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Just clarify quickly what you mean by AFS? Sorry dont know all the terms
 
JcBeuk said:
Anybody else reading this in 2024?? Any bulletproof resolutions yet?

Wife is a freelancer working for 3 people in US and have been working for them for more than 24 months already.

Earns over R80k+ per month.

NO FINANCE! Not even for a car worth R299k.

We are so fed up with this.
Click to expand...

If she's buying in personal capasity, she must have a salary. My tax/finance guy set my salary up, PAYE, VAT everything in such a way that from the outside "im employed" for the past 5 yrs. he does full financial statements and everything... iv been offered credit on my business account and personal account for long now
 
She must have some kind of credit rating to get finance, cell phone contracts, clothing accounts, credit cards, these help build your credit profile. If she scores well enough, she should qualify for finance. She must apply as a self employed. Deposit sometimes helps to reduce the risk to the bank.
 
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