What interest rate are you paying?

  • Thread starter Thread starter Fudzy
  • Start date Start date
fdaniels said:
claims that only people with an excellent credit history get offered prime +1 and +2
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That's the way I understood too. Also checked it with a few guys and it seems true.
 
Paying prime linked, think the only way you'll get prime minus is if you don't actually need it.
 
Yep also heard that...or do what most people do...take another bond on house...lol
 
Dolby said:
In the past 12 months?
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Yes, BMW Northcliff offered me prime less 5 with BMW finance.

Awesome deal, a car worth like almost 300K less a R90k deposit for some ridiculous figure of R2600/month.........too bad ITC had my name though :( and i had to settle for MFC at 12.5.
 
I've posted a few times before on this :

The economy also effects it. A person that got prime less for the last 10 years - may only get prime prime + 1 or prime ast best inthe current climate.
 
Polish said:
Yes, BMW Northcliff offered me prime less 5 with BMW finance.

Awesome deal, a car worth like almost 300K less a R90k deposit for some ridiculous figure of R2600/month.........too bad ITC had my name though :( and i had to settle for MFC at 12.5.
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You're an exception - or BMW do odd things (which is known) ;)
 
I'm getting 8.8% from myself.
Used my house bond to buy the car cash.
You also pay a lower insurance premium if your car is paid for (for some reason).
 
Pegasus said:
I'm getting 8.8% from myself.
Used my house bond to buy the car cash.
You also pay a lower insurance premium if your car is paid for (for some reason).
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Wouldn't mind doing that myself, but we've only been paying extra into our bond for 6 months. Still have a long way to go to buy a car cash with the bond :o
 
http://www.reservebank.co.za/internet/Historicdata.nsf/Mainpage?OpenPage&Click=42256DA4002CFF0E.29d44b91ee5b4df442256d860053d613/$Body/0.DF0

Interest rate since 1948, now is it just me or does it look ready to start climbing again?
 
Dolby said:
You're an exception - or BMW do odd things (which is known) ;)
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BMW finance almost always offer prime less 1 or 2 on there cars, its a good way to sell cars. Yes they make less money on each car, but they move way more cars this way. Also when they are the financing house a car needs to be re-possessed they can sell it 2nd hand from their dealerships, and easily make more money there by BMW certifying the car. Good business model.
 
12.75 fixed is not a bad deal.... but you're betting that prime will go up 225 basis points in the term of your loan? (it will need to go up more for you to benefit)... The bank clearly thinks it won't which is why they're offering the deal at 12.75 fixed.

If a car dealership tries to offer me anything other than prime I walk out the door. I've done it to Audi, VW and even had an argument with a stupid wench from Wesbank who told me prime + 3 was the best anyone in the entire industry would do for anyone... She was a bit put out when MFC gave me prime without even asking for it.
 
got prime -1.5 our banker said it would be impossible to get better. i trust her.
 
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