What interest rate are you paying?

  • Thread starter Thread starter Fudzy
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Fudzy

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I'm looking at buying a R170,000 car, I'm putting down a R30,000 deposit and the dealership financier is offering me a fixed 12.75% over 60 or 72 months and I have no other outstanding debts/bonds etc. To me, that seems quite steep considering prime at the moment is 10.50. What are you guys paying?
 
I am paying prime at the moment, try another financier for a better rate. 12.75 is a ripoff.
 
Yr finance amount is R140,000. Most of the time they dont care about the deposit, just the amount.
Also check with all banks and negotiate.
Also do you have a credit history.
 
superskully said:
Yr finance amount is R140,000. Most of the time they dont care about the deposit, just the amount.
Also check with all banks and negotiate.
Also do you have a credit history.
Click to expand...

Thanks for the feedback guys, in terms of a credit history, what defines one? I have two credit cards (Normal Std bank Achievers card) and the Discovery one I use at Pick'n'pay. I flatten the debt off each at payday, I suppose its because I don't get myself deeper into debt that I have no credit record?
 
I'd be interested to see if you get prime less ...
 
you should be getting prime, if not prime - 3%... try your bank's vehicle finance division to see if you can get a better deal

PS: the dealerships should be licking your boots in this economic climate
 
wikk3d88 said:
you should be getting prime, if not prime - 3%... try your bank's vehicle finance division to see if you can get a better deal

PS: the dealerships should be licking your boots in this economic climate
Click to expand...


Bought a car in the last 12 months?
 
Dudes, after I read ALL the comments on here, I'm almost in TEARS!

My interest on my car is a collosal 19.5% fixed! PLS don't ask me questions of how it happened, explained in previous posts, but...but, the preverbial but dudes, theres a finance house that promises me lower rates AND they'll refinance my car!!!

Should I take that offer???
 
Didn't say, said I msut come see dem, but really now Rodga...don't you think anything LOWER than 19.5% is good enough reason?
 
dont think so, look I already paid for my car 13 months so that almost all the interest done...the car's value is about R75000 and I've been getting calls when I advertised it for R85 000...infact, some dude is strugling to get finance for the car at 85 000, and the settle amount is like 69 000 by now, so I'll make a nice return...but in the event that I refinance it with these people, do you think the settlement amount will now AGAIN be higher? Coz I'm effectively going to pay off MORE interest now?
 
hey man, i have no idea
im clueless when it comes to all these finance stuff

best wait till someone else replies
or go see them and see wat they offer
 
Fudzy said:
I'm looking at buying a R170,000 car, I'm putting down a R30,000 deposit and the dealership financier is offering me a fixed 12.75% over 60 or 72 months and I have no other outstanding debts/bonds etc. To me, that seems quite steep considering prime at the moment is 10.50. What are you guys paying?
Click to expand...

I don't think 12.75% fixed is bad at all, normally when you buy car if you want fixed then its normally prime +2 this is negotiable but I don't think prime +2 is bad at all and if you are not looking at fixed rate then you can get prime minus.

My Corsa which I had purchased back in 2007, I was paying 13% fixed, prime at the time must have been 11%
 
Hmmm, I am in the exact same boat as Fudzy. Going to buy a car of about the same value. I spoke to the fleet manager at Toyota and she claims that only people with an excellent credit history get offered prime +1 and +2. I am going to see what the banks offer me month end, but from what she is telling me I am thinking it will be at least +3 or +4 variable. We will see.

That is for a Toyota T3+. I was also considering the Renault Sandero. They have a special offer on at the moment that seems to make financial sense. You can check it out on their website.
 
Just for interest sake, what interest rate can one expect for a personal loan from a bank? I'm planning on buying a 2nd hand car in a few months and expect to be about R30k short of what I need, so I was thinking of using a personal loan to bridge the gap.
 
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