Residual

What on earth would be the point?

You pay for the car for 7 years, and then at the end of everything, you -STILL- do not own the car 100%?

Get a cheaper car, you don't honestly need whatever you are looking at right now.
 
I know Standard Bank does not allow a residual on a finance period of more than 5 years. Do they even do finance periods of more than 6 years for a car?
 
zizo911 said:
Is it possible to finance a car over 7 years on residual?
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No

When I got my new car in Feb I was told that residual is only on 5yrs (60mths) or less. I took my car out on 72mths (6yrs) with no deposit, no residual as I will be upping my payments each year to reduce the payment period.

If you need to buy with residual then your buying with your heart so stop right there, rather downscale and buy with your head. And i cannot afford an entry level car with 0% residual, then you really cannot afford a car.
 
People should stop buying cars on Residual!!!! If you can't afford the normal installments, you can't afford the car!!! Live within your means. Residual and finance over 7 years, what is this the only car you're gonna drive in your life, cause you'll pay it off for about the same length.

Big no. I have learnt the hard way, I've never bought cars on residual but I have bought some expensive cars which I ended up struggling to afford, yet luckily never defaulted. The stupidest thing one can do is blow all your cash on a car, it is something that looses value with every KM you drive it and you could much rather have a better quality of life in other areas. If you can comfortably afford an expensive car, fine, I you need to work out your budget more than once to see if you can afford it, you will kick yourself later!
 
Got a friend who bought with his heart and I worked out his residual is going to be R60K in 5yrs time, thats for a Polo. He will have to refinance the residual.

What he is saving on payments is been destroyed by insurance premiums - if he also bought an entry level city car like mine then he would still have the same monthly expense by no residual.
 
Son, just stop right there. Do not proceed. You definately can't afford that car if you asking those questions.
 
You will have to keep the car for at least 9 years. Be sure to take out a huge maintenance plan.
 
Thanks Guys, I'll rather then not take it on residual.
But I can't get finance at the bank. What are my other options for buying a car then?
 
Thanks Guys, I'll rather then not take it on residual.
But I can't get finance at the bank. What are my other options for buying a car then?
 
zizo911 said:
Thanks Guys, I'll rather then not take it on residual.
But I can't get finance at the bank. What are my other options for buying a car then?
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Do you NEED a car? Or do you just want one because all your friends have them.
I couldn't get finance for a yacht and all my friends have yachts so i'm learning to make do without:(
 
abzo said:
Do you NEED a car? Or do you just want one because all your friends have them.
I couldn't get finance for a yacht and all my friends have yachts so i'm learning to make do without:(
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My SO is willing to pay for it, but I'll be driving it during the day when his at work.
But his blacklisted, so he can't get finance at the bank.
 
zizo911 said:
My SO is willing to pay for it, but I'll be driving it during the day when his at work.
But his blacklisted, so he can't get finance at the bank.
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Ok so your sugardaddy is blacklisted, has he not received those SMSes that say something like "BLACKLISTED? NEED A LOAN? WE CAN HELP YOU!"? If I get another one, i'll forward it to you.
 
I got figures last months at 6 years on residual
 
abzo said:
Ok so your sugardaddy is blacklisted, has he not received those SMSes that say something like "BLACKLISTED? NEED A LOAN? WE CAN HELP YOU!"? If I get another one, i'll forward it to you.
Click to expand...

We are almost the same age...
 
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