techead
Honorary Master
considering that Prime Lending rate is 8.5% and Repo rate is 5.5%....
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Question of the Day: How do you normally pay for purchases in stores?
acceptable interest rate for a new vehicle?
- Thread starter techead
- Start date
techead
Honorary Master
I'd aim to get prime. You might manage a bit below if you're lucky. Most car places will start the bidding at prime+4 or 5
obviously depends on credit rating and bank relationship, but my wife picked up prime less 0.5% in the last 3 months. Try go direct to bank as dealerships get a kickback for arranging financing. Suggest you reject the first offer you get and ask them to review. This generally gets you .5 to 1% less straight away. Remember its a negotiation, you never accept the first offer.
+1
The dealers tried to take me for a ride with prime +2.5% so I went to a bank which offered me prime +0.7%
Bunch of chancers ...
techead
Honorary Master
hmmm.... How does one go about applying direct with Wesbank?
You can login to their website, but it only gives you a pre-approval and then tells you to give the reference number to the dealer salesman. so how do I get around that?
maybe I should apply direct to Standard Bank coz im on Prestige Banking. Maybe they will be good?
You can login to their website, but it only gives you a pre-approval and then tells you to give the reference number to the dealer salesman. so how do I get around that?
maybe I should apply direct to Standard Bank coz im on Prestige Banking. Maybe they will be good?
techead
Honorary Master
^^ yup, got this from the okey this afternoon
https://www.wesbank.co.za/WesBankCoZa/apply/index.jspx
alternatively apply through any relationship banker in a branch.
and you can apply direct, do not believe you have to go through a dealer
alternatively apply through any relationship banker in a branch.
and you can apply direct, do not believe you have to go through a dealer
Last edited:
mcryan
Expert Member
I'm busy getting finance direct through Wesbank. And its the second time I have gone directly to them...
techead
Honorary Master
even though I have an excellent track record with wesbank, they came back with 11% I told them to go fly a kite.
Looks like Nedbank have come to the party, prime +0.5% which is not bad.
Looks like Nedbank have come to the party, prime +0.5% which is not bad.
dlk001
Executive Member
Thats a good deal.
I hate that about FirstRand. I also have an excellent record with FNB and Wesbank (over 10 years and 3 cars previously financed) and they always come back with a crappy deal on car finance. I always have to put up a fight to get a proper deal. My previous car I got Prime or Prime less one and with this one (2 years ago), they offered me Prime + 5. Eventually after some fighting and a visit to Hellopeter, I got Prime + zero point something.
I'm kinda stuck with them though since my whole financial profile is with FNB. I have no banking history with anyone else so they offer me about the same deal as Wesbank when I apply. I should probably make a plan and diverse my profile a bit as I'll probably be buying a car in the next twelve months.
techead
Honorary Master
so I managed to get hold of Wesbank yesterday, and find out what the hell was going on there. I basically had a bit of a moan, and asked they why they were so eager for me to take my business to Nedbank? the call center dude put me through to his supervisor, who then put me in touch with the company who act as the middle man between the agent and wesbank. Basically the Renault finance dude deals with this middle-man who then deals with Wesbank.
I eventually got hold of the middle-man and I let rip. I got prime +0.5% from Wesbank in the end.
Deposit paid, and awaiting delivery...
I eventually got hold of the middle-man and I let rip. I got prime +0.5% from Wesbank in the end.
Deposit paid, and awaiting delivery...
On a new car?
I just wangled finance on my new car through ABSA, where I do all my banking (for better or worse...) and got a linked interest rate of 8.3% without a fight. Fixed rate would have been 10%, hope that rate doesn't do it's 7 year jump any time soon!
Fazda
Honorary Master
You have to remember that rate also depends on your actual credit profile, and if the bank even gets a whiff of a shaky rating, they will nail you.
I have just sold a car to a guy who has ONLY paid cash for everything, and has zero credit history as a result, and the ONLY bank that was willing to finance him was Wesbank, and they slaughtered him on rate, and all my jumping up and down had no impact at all.
BTW, Wesbank, unlike SAF does not keep a record of your transactions, so each new application is treated as if it is your first one. I was one of the very first clients of Wesbank, and have bought 30 odd cars through them over the years, and it makes sweet bugger all difference when I apply for a new loan - we start from scratch.
I have just sold a car to a guy who has ONLY paid cash for everything, and has zero credit history as a result, and the ONLY bank that was willing to finance him was Wesbank, and they slaughtered him on rate, and all my jumping up and down had no impact at all.
BTW, Wesbank, unlike SAF does not keep a record of your transactions, so each new application is treated as if it is your first one. I was one of the very first clients of Wesbank, and have bought 30 odd cars through them over the years, and it makes sweet bugger all difference when I apply for a new loan - we start from scratch.
, now to negotiate