Vehicle repayment

[f2wohf]

Usually given to those with poor credit rating, or deemed high-risk

Or foreigners without other options. I got 17% while my credit card is at 13%...

MFC doesn't lend to foreigner so you're left with only Wesbank who takes a joyride with you.

Hopefully, I repaid the loan in less than two years so the damage wasn't too bad.

 

[Toxic T]

OP this will help you understand: (i just used a bond calculator)

View attachment 528285


By the end it looks like so:

View attachment 528287

Nice, can you provide a link please.

 

[chrisc]

https://www.mortgagecalculator.org/

 

[Toxic T]

https://www.mortgagecalculator.org/

thank you

 

[Toxxyc]

Not yet.. So i should negotiate down to 12%?

YES! I signed my first car at something like 18% as well - and had nothing to show for it after 2 years. Do not sign for 17.25%, rather get a cheaper/slower car that's lower risk to the bank.

 

[Messugga]

Not yet.. So i should negotiate down to 12%?

Honestly, you shouldn't even have to negotiate to get to 12%. That's still Prime + 2%. Don't settle for anything above that, try and push for below +1%.

 

[Pitbull]

17.25%!!!

Probably not fixed. Banks normally add a percent or two if you don't fix it.

But with the interest rates where it is, it would be stupid to fix it now. That being said, 17.25 is still pretty high

 

[bromster]

I got prime +1 on my first car. Don't let them rip you off.

You need to be prepared to walk away and go somewhere else. Hopefully they'll run after you. If not, so be it. 17% is crazy.

 

[Zuner]

Nice, can you provide a link please.

https://www.ooba.co.za/calculators/bond-amortization-calculator

 

[namzsteve]

Probably a first time buyer.

Damn but 17.25% is too much, I got 11% when I first took out vehicle finance, but then again I had built up a bit of credit track record.