how good is 10.85% financing?

as soon as i get the financing, i'll stick my email i sent the bank on here. :)

i was offered 9.75%, so i sent him back to get them to drop the initiation fee and the monthly service fee.
 
Easter Bunny said:
as soon as i get the financing, i'll stick my email i sent the bank on here. :)

i was offered 9.75%, so i sent him back to get them to drop the initiation fee and the monthly service fee.
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subbed for banks reply
 
went to all the banks today. at absa my wife was told while i was out that a R30000 deposit won't even cover the admin fees. pft.

nedbank guy just phoned me and said 9.75% is what they got after pressuring mfc. however, the initiation fee and the service fee won't change. i gave hime the whole price fixing story and how that is the maximum they're allowed to charge, so they charge it anyway.

on the phone it came down to this:
9% or drop the initiation and service fees.

he sounded like he's had enough of me, so he said he'll get back to me.
 
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Easter Bunny said:
according to the bank guy i saw today, i have a crt1 (corrections welcome) credit rating, so i should easily beat 10.85%.

that's got me motivated to go around town and see what the rest of the banks will offer me. i'm aiming for below prime now. a good interest rate might get me into a 1.6 i20... :)
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When I bought my i10 Standard Bank preapproved me for 10.5% in February. Hyuandai asked if they could get other quotes, got 10.3% from MFC (Nebank) which is also Imperial (which is Hyundai SA) ....

I took my car over 6yrs with 0% deposit & 0% residual. I also got explained how to settle the capital amount to reduce the payment period.
 
I have 11% with MFC. Never again will I settle for more than prime+1 at most. Banks rip us off man
 
snail said:
I'm currently on 12%. Is it possible to get the banks to drop your rate?
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unlikely - on a bond they usually willing to negotiate because it's such a long term.
On a vehicle loan you'll most likely have to suck it up
 
I got 13% on my car :(. That's what i get for being young and wanting to get my first car in my name and not my parents.
 
I'm also buying a new car and Wesbank offered me 10%. So I told them to push for less as I'm giving a 40% deposit, have a bond and have never defaulted on a payment in my life.
 
i was told by the nedbank bank manager in pinetown that the deposit on a car is a tricky thing. there's apparently a "sweetspot" which you will get the lowest interest rate, but putting down more than the "sweetspot" amount will not decrease the interest rate. he didn't say what that is, but he made it sound like it's pointless to put down a huge deposit.

i believe if you put down a lot of money as a deposit, you end up paying less on your installments.

just got back from nedbank now and was told 9.75% is the lowest i'm going to get. regarding the initiation fee and the service fees, that's not going away or going to be decreased. the only option i have is to pay the initiation fee (R1140) upfront or add it to the financing.

i'm now waiting to hear what absa and fnb come back with. i tried capitec, but they only do personal loans for now. standard bank screwed up my fica continuously between 2005 and 2007 and i lost my cool. never doing anything with them ever again.
 
I got prime - 0.5 a month ago.
Put in a R30 K deposit though.
 
If you have a good credit record, a deposit works against you.

Try no deposit, over 72 months - and see what the bank gives you.

(this doesn't mean you actually have to wait 72 months to pay the loan off - just pop the deposit in after you have the loan, and pay extra each month to get it to your term)
 
the bumbling fools at mfc/nedbank didn't see that i wanted to put down 30k deposit, so i got 12.25% initially. and i've got a very good credit rating.

from what i can see, it depends more on whether the person handling your application got nookie last night than deposit, credit rating, repayment length or loyalty.
 
we went back the dealership and they matched the financing from nedbank and smashed the other dealership's price by R56.

we were too tired of running up and down for pricing that we just accepted. i'm pretty sure we could have forced a price war. we'll go at them some more next time
 
Wwll, wesbank gave me 9,5% as well. The trick is to take it over a longer period, but pay it off quicker
 
i've been shopping around looking at residual deals. from what i see the interest % is around 6% and if you buy the right vehicle you should be able to cover the residual payment easily.

is residual from the devil?
 
Viper25 said:
I got prime - 0.5 a month ago.
Put in a R30 K deposit though.
Click to expand...

How the hell....

I put down 70k on top of the trade-in to a total of 155k on 250k car and still got 10.26% (that's prime + 1.26 right?) linked. Does age play a factor?
 
creeper said:
Wwll, wesbank gave me 9,5% as well. The trick is to take it over a longer period, but pay it off quicker
Click to expand...

And no deposit - what I said earlier.

All the BIG deposit, shorter term posts work against you.
 
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