Used car monthly installments - Does this seem right?

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dal2000

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So I found the car I was looking for, a 2002 Corsa lite @ R42399. Now my deposit would be R8000. I applied for finance and my monthly installments would have to be R1200. IMO that's horribly high or am I missing something? That's without insurance. What sort of price should I be paying?

Any advice here would be appreciated.
 
Then you must have a very high interest rate, shop around before signing anything

R34 000 owing on the car + maybe R2k for documents, and you are repaying R65 000 is very high
 
What interest rate did you get ? That repayment means your interest rate is way over 20%
 
Absa 19.6 %
Wesbank 17.4%

Would the dealer be responsible for a higher than normal interest rate?
 
vangend said:
You are getting ripped off, the repayment should then be in the region of R900-1000 pm. Use the calculator on http://www.wesbank.co.za
Click to expand...

That's the thing, I have used the calculator and my repayments should be atleast R850 per month. Thats why I came here to ask. Though who is ripping me off, the bank or the dealer?
 
ask the dealer for the finance insitutions details as well as details for your app. then contact the finance institution directly.
 
Follow ChilliGirl's advise and get a complete breakdown of the costs. Do not sign the deal if you are not happy with it. You can also apply for finance yourself at wesbank, aa finance etc.
 
dal2000 said:
Absa 19.6 %
Wesbank 17.4%

Would the dealer be responsible for a higher than normal interest rate?
Click to expand...

WTF!?! Are you on a picture at the banks that says "WANTED"? If not then I can't explain this ripp off.
 
Fscking hell...

Those interest rates are insane....
10.5 - 12% is an "acceptable" range.... anything higher and you should tell the banks to go take a hike.
 
It looks as if you have been nailed by a financial guy who is about to sell you everything under the book.

First of all, even on a fixed rate they should not be charging you higher than 14%

After that, check to see if they have not charged you "Shortfall Insurance", then check to see if they have not also added in "Life Insurance", then check to see if the have added in a Motorite or Hollard policy and charged you for that as well, then ask if there is an "on the road fee" that has been added in.

After all of that, tell them to take their Corsa and hike. It looks as if you have unwittingly found yourself one of the shady second hand dealers in town.

DO NOT SIGN THE PAPERS!
 
ok looking at the finance application form I see:

Warranty: R 5440.00
Coverplus: R33.68
Grouplife: 72.38
Licence fee: R2995.00


Looks like Fazda is right. What price can you guys recommend on paying for this car? The installments. Not higher than R 900.00?
 
I have no idea on what the installments should be, but you should not be paying more than 12% interest rate...
 
Though Wesbank are notorious for starting much higher..

When I bought my last car they offered me 15%, and were very adamant that I would not get a better deal anywhere.... and the salesperson didn't quite understand when I said "I won't do the deal for anything more than prime.. if you can't get it you can keep your car". It took me about 3 phone calls with the idiot, and with a few different banks till they understood that I am the one spending the money.. and therefore it is done on my terms not theirs.

MFC were my last point of call and they got it.. and their second off was at prime.
 
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