Financing a used car- HELP!!

Hitchcock

Banned
Joined
Jan 8, 2015
Messages
487
Yea, you pay R 100 I think with transunion and you can pull your credit score and your credit profile. :confused:

Yep, as far as I know it was R75 to get an ITC report, R80 for XDS and around R70 for Experian, the three main bureaus used by all banks. But, that is the only way to see how 'shopping around' really affects your credit score. If you have a score in the 900's and not entering into hundreds of millions of rands agreement, then it is fine to loose a few points. However, there are many, many people who take their records serious, I know that ITC has 4 million monthly subscribers receiving their detailed reports each month. To them every point matters.

It is plain bad advice to tell people to go shop. They should be informed of the consequences if they do not enter into an agreement within a week or two, as this will have an impact on their credit score.
 

Pitbull

Verboten
Joined
Apr 8, 2006
Messages
63,440
Yep, as far as I know it was R75 to get an ITC report, R80 for XDS and around R70 for Experian, the three main bureaus used by all banks. But, that is the only way to see how 'shopping around' really affects your credit score. If you have a score in the 900's and not entering into hundreds of millions of rands agreement, then it is fine to loose a few points. However, there are many, many people who take their records serious, I know that ITC has 4 million monthly subscribers receiving their detailed reports each month. To them every point matters.

It is plain bad advice to tell people to go shop. They should be informed of the consequences if they do not enter into an agreement within a week or two, as this will have an impact on their credit score.

Just stop talking K@k. No matter your credit score it doesn't affect it in such a way that it would negatively affect you. Unless you have a credit score just on the break line maybe. But you have to be pretty crap with debt if that's the case.

Shop to your hearts content. Make sure you get the best deal possible.
 

Ancalagon

Honorary Master
Joined
Feb 23, 2010
Messages
18,077
Yep, as far as I know it was R75 to get an ITC report, R80 for XDS and around R70 for Experian, the three main bureaus used by all banks. But, that is the only way to see how 'shopping around' really affects your credit score. If you have a score in the 900's and not entering into hundreds of millions of rands agreement, then it is fine to loose a few points. However, there are many, many people who take their records serious, I know that ITC has 4 million monthly subscribers receiving their detailed reports each month. To them every point matters.

It is plain bad advice to tell people to go shop. They should be informed of the consequences if they do not enter into an agreement within a week or two, as this will have an impact on their credit score.

Which dealership do you work for?
 

Hitchcock

Banned
Joined
Jan 8, 2015
Messages
487
Just stop talking K@k. No matter your credit score it doesn't affect it in such a way that it would negatively affect you. Unless you have a credit score just on the break line maybe. But you have to be pretty crap with debt if that's the case.

Shop to your hearts content. Make sure you get the best deal possible.

Lol, no wonder many influential people and companies sees MyBB forums consisting of a bunch of children who plays around with scripts - with comments like these.
 

Fazda

Honorary Master
Joined
Apr 24, 2009
Messages
11,414
Lol, no wonder many influential people and companies sees MyBB forums consisting of a bunch of children who plays around with scripts - with comments like these.

Best you leave us to play in the sandpit then. :)
 

Pitbull

Verboten
Joined
Apr 8, 2006
Messages
63,440
Lol, no wonder many influential people and companies sees MyBB forums consisting of a bunch of children who plays around with scripts - with comments like these.

And again you go talking crap.

Stop being the problem and start being the solution. It's idiotic to tell people not to shop for a better rate because it will affect their credit score... I have proven you wrong and yet you still keep on banging the same old drum. Please tell me what company you work for. I will make sure never to support a company who doesn't try and give their clients the best possible rate and price possible.

If you have a credit score of 100 and can't waste any enquiries then don't. Us normal folks pay our bills and we have good credit scores. Don't for one second think a bank will not accept finance another bank has approved because you have too many enquiries now. That is idiotic at best :D
 

Fazda

Honorary Master
Joined
Apr 24, 2009
Messages
11,414
And again you go talking crap.

Stop being the problem and start being the solution. It's idiotic to tell people not to shop for a better rate because it will affect their credit score... I have proven you wrong and yet you still keep on banging the same old drum. Please tell me what company you work for. I will make sure never to support a company who doesn't try and give their clients the best possible rate and price possible.

If you have a credit score of 100 and can't waste any enquiries then don't. Us normal folks pay our bills and we have good credit scores. Don't for one second think a bank will not accept finance another bank has approved because you have too many enquiries now. That is idiotic at best :D

^^^^ Fully agree

God help me deal with arrogant pr ick s :rolleyes:
 

Fazda

Honorary Master
Joined
Apr 24, 2009
Messages
11,414
Hitchcock - FYI

Internet troll
From Wikipedia, the free encyclopedia
"Trolling" redirects here. For other uses, see Troll (disambiguation).
In Internet slang, a troll (/ˈtroʊl/, /ˈtrɒl/) is a person who sows discord on the Internet by starting arguments or upsetting people, by posting inflammatory,[1] extraneous, or off-topic messages in an online community (such as a newsgroup, forum, chat room, or blog) with the deliberate intent of provoking readers into an emotional response[2] or of otherwise disrupting normal on-topic discussion.[3]

This sense of the word troll and its associated verb trolling are associated with Internet discourse, but have been used more widely. Media attention in recent years has equated trolling with online harassment.

That's you, if you haven't quite worked that out and trying to trash my reputation, makes it even closer to harassment.
 

Attachments

  • 2010-05-13-files_troll_2.jpg
    2010-05-13-files_troll_2.jpg
    17 KB · Views: 78

Galactica

Expert Member
Joined
Jun 27, 2006
Messages
1,678
Please advice me, say I get a car loan and within my first month I pay in a lump sum (say R50k) will this bring down my installment? And if it does would the difference it makes on the installment be similar to the one a R50k deposit makes? This is for cases where I need to purchase clinch a deal for a new car while waiting for a better price on current car...or where I get a lump some during the term of the loan. Is there a formula of calculating the impact of a lump sum on monthly installments? I know the online vehicle finance calculators can calculate based on a trade-in/deposit.
 
Last edited:

Fazda

Honorary Master
Joined
Apr 24, 2009
Messages
11,414
It is quite acceptable to do that, and yes, it will bring your payment down, the same as if you had put down a 50 k deposit.

Many people will finance the higher amount in order to get a better bank rate, and then dump the extra cash in a month or so later, your repayments are immediately reduced, and you have the benefit of a lower interest rate.
 

Galactica

Expert Member
Joined
Jun 27, 2006
Messages
1,678
It is quite acceptable to do that, and yes, it will bring your payment down, the same as if you had put down a 50 k deposit.

Many people will finance the higher amount in order to get a better bank rate, and then dump the extra cash in a month or so later, your repayments are immediately reduced, and you have the benefit of a lower interest rate.
Thank you Fazda, that's exactly what a bank rep said to me as to the advantage of financing a higher amount but they couldn't really say by how much the installment would be reduced by if I put in a lump sum later. I think I will go this route.
 

Fazda

Honorary Master
Joined
Apr 24, 2009
Messages
11,414
Thank you Fazda, that's exactly what a bank rep said to me as to the advantage of financing a higher amount but they couldn't really say by how much the installment would be reduced by if I put in a lump sum later. I think I will go this route.

Very roughly, using my calculator, if I was financing 150 k @ 10% because of better rate, my instalment would be just under R 200 higher if I had to pay an extra 3% ( 13%)
 
Top