Monthly carpayment calculation estimate

  • Thread starter Thread starter Picard
  • Start date Start date
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Picard

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My landlady's car was written off after a drunk crashed into her back while she was standing still at traffic lights. She and her siste remarkedly escaped serious injury since they are both almost 70yo and the ******* crashed into them at 60km/h

She had a 1996 Corolla 160i GLE with 150 000km. The insurance will pay out R27 000.
She has her eye now (both her eyes are still black from the many bruises) on a 2002 140GLE Corolla. It costs R60 000.

If her application for car financing is approved what do you think she will have to pay for the difference of R33 000?
 
33 000 / 2

= 16500 interest

33 000 + 16500 = 49 500

49 500 / 56 months

About R 880 odd. This is just a guideline though. It all depends on the rate at which she gets the loan.
 
Banks don't always like lending to older folk ....

Horrible as it sound, they may not live for the term
 
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