Vehicle Finance for "Repaired Written-Off" car

[Pythagoras]

Hi Forum.

I just got my finance application cancelled by Wesbank because the car was repaired written-off from SMD.
Is there a known FSP that would generally finance such a vehicles?

P.S. The car is a real good buy so I don't want to let it go.

Thanks in advance.

 

[Venomous]

No. Not unless you get a personal loan. Getting insurance will also be a problem.


And that is why it is listed as such a great deal. Walk away .

 

[ToxicBunny]

Walk away... Nobody will finance it and almost nobody will insure it.

 

[Mosgi]

Only if you are buying mostly cash and topping up with a personal loan. I'd be reluctant not knowing the quality of the repair job and latent issues that you will face later. That said there were a few restorers who did excellent work all the way to cut and joins.

 

[Willie Trombone]

Only if you are buying mostly cash and topping up with a personal loan. I'd be reluctant not knowing the quality of the repair job and latent issues that you will face later. That said there were a few restorers who did excellent work all the way to cut and joins.

Trouble is, you'll only ever know if it doesn't fail you. It's a huge lottery for anyone with cash, if you don't have the cash, the odds are way against you.

 

[Willie Trombone]

P.S. The car is a real good buy so I don't want to let it go.

I believe you don't want to let it go because you have convinced yourself it's a good buy, there is a difference. It's really hard once your head has decided it's the deal of the century, regardless of the fact it could be a lemon.

 

[Neuk_]

Do you have any details on the written-off repair?

 

[TheChamp]

Do you have any details on the written-off repair?

Good question.

 

[TheChamp]

A personal loan looks like the only way.

 

[Colin62]

The car is a real good buy so I don't want to let it go.

No, the car would be a real good buy at that price if it wasn’t a write off. It looks like a good buy because you get a lot of car for your money, but you’re also buying future trouble. You’re gambling that it’s been repaired properly and will last. Your resale will also be very negatively affected. As in you won’t be able to sell it.

If you want to gamble, take the money to a casino - if you get lucky, you buy a new car. If you don’t get lucky, at least you didn’t die in an accident when your front suspension fell off halfway through a corner.

 

[Neuk_]

No, the car would be a real good buy at that price if it wasn’t a write off. It looks like a good buy because you get a lot of car for your money, but you’re also buying future trouble. You’re gambling that it’s been repaired properly and will last. Your resale will also be very negatively affected. As in you won’t be able to sell it.

If you want to gamble, take the money to a casino - if you get lucky, you buy a new car. If you don’t get lucky, at least you didn’t die in an accident when your front suspension fell off halfway through a corner.

Aah, someone has seen the car and knows of the written-off repairs, can you please share?

 

[Colin62]

Aah, someone has seen the car and knows of the written-off repairs, can you please share?

Ooh! Look there - sarcasm! That’ll work.

If the OP was clued up enough to judge the repairs properly, he’d not have needed to register a throwaway account on here to ask for advice. So while I don’t know what the repairs consist of, I do know that there is considerable risk involved, and I know for a fact that the OP will battle to sell that car, assuming it lasts long enough to get to that point.

 

[Progenix Oj101]

No, the car would be a real good buy at that price if it wasn’t a write off. It looks like a good buy because you get a lot of car for your money, but you’re also buying future trouble. You’re gambling that it’s been repaired properly and will last. Your resale will also be very negatively affected. As in you won’t be able to sell it.

If you want to gamble, take the money to a casino - if you get lucky, you buy a new car. If you don’t get lucky, at least you didn’t die in an accident when your front suspension fell off halfway through a corner.

The front fell off xD

 

[Ecko_1]

OP are you trying to buy the other posters car once its repaired?

 

[phil77]

Hi Forum.

I just got my finance application cancelled by Wesbank because the car was repaired written-off from SMD.
Is there a known FSP that would generally finance such a vehicles?

P.S. The car is a real good buy so I don't want to let it go.

Thanks in advance.

I would thank Wesbank for picking that up for these reasons:
1. Car will be almost impossible to insure
2. Almost impossible to resell
3. Totally impossible to trade in
4. You don't know how safe the car is. It was written off for a reason

However if you decide it's still a good buy, get a personal loan. No FSP will finance it legitimately.

 

[Neuk_]

Ooh! Look there - sarcasm! That’ll work.

If the OP was clued up enough to judge the repairs properly, he’d not have needed to register a throwaway account on here to ask for advice. So while I don’t know what the repairs consist of, I do know that there is considerable risk involved, and I know for a fact that the OP will battle to sell that car, assuming it lasts long enough to get to that point.

Apologies for not including the /s to indicate my sarcasm, I am glad that you managed to pick it up.

I am still interested in what was repaired, there is always risk in buying a written-off repaired vehicle, but it may not be that the vehicle is unsafe due to the damage sustained and subsequent repairs.

 

[Colin62]

Apologies for not including the /s to indicate my sarcasm, I am glad that you managed to pick it up.

If I could make money from sarcasm I’d be rich

I am still interested in what was repaired, there is always risk in buying a written-off repaired vehicle, but it may not be that the vehicle is unsafe due to the damage sustained and subsequent repairs.

You’re right, I’d also be interested in knowing that.

The hassle is that even if the damage is purely cosmetic, insurance companies feel the same as the finance houses, and resale will also be a train smash.

 

[Jchan11hk]

If it is a white Lamborghini Countach then ya, you might have scored the deal, last time I heard it was for sale at R8.5mil
Anything other than a rare classic is not worth the pain. And others have warned you cannot re-sell that car or insure it for a normal rate.

 

[SauRoNZA]

Unless you plan to make a track car of it...it's pretty good on Wesbank to stop it right there as the vehicle will be worthless to them should you fail to pay or break it again.

Bad risk for them, so no wonder they would reject it.