Looking for an affordable car loan with up to 100% finance? We will assist you all the way, from calculating your payments to insuring your car. Already applied for finance? Then track you application online, anywhere, anytime.
How do I qualify for a car loan as a first-time buyer?
My roadmap to buying my first set of wheels
Paying a deposit will:
- Reduce your monthly payments.
- Reduce interest over the term.
Trading in your old car
- Trading in your old car takes away the hassle of looking for a private buyer.
- Before trading in your car, find out your car’s value.
- Shop around for the best trade-in deal.
- Make sure your car is presentable – clean and in a good condition inside and outside.
- Know beforehand what the minimum amount is you would trade your car in for..
- If you still owe money on your car loan, find out what the settlement amount is.
- A balloon payment amount is a lump sum payment that is owed to the bank at the end of the loan term after all monthly repayments have been made.
- It affects the amount of your monthly repayments as well as the amount you will owe at the end of the loan term.
If you borrow R200 000 over 5 years and select to have a R50 000 balloon payment on your loan, your monthly repayments will be lower than if you didn’t have a balloon payment. However, you will still owe R50 000 on your car at the end of the 5-year term. You can reduce the residual amount by making a bigger once-off payment during the repayment term.
Benefits of balloon payments:
- You may pay lower monthly instalments.
- No deposit is required.
- You can sell your car at the end of the loan term and use the money to pay the loan off.
We can cover your vehicle against loss, accident, theft and write-off
Our car insurance products are tailor-made for you, offering you a range of choices to choose from, including:
- Comprehensive insurance
- Third-party, fire and theft
- Third-party only
Tailor-made insurance products offering you a range of options:
- Comprehensive insurance
- Third-party, fire and theft,
- Third-party only
Our mechanical breakdown warranty is a mechanical breakdown insurance policy that covers your vehicle against mechanical failure and related costs.
- Cover for new and used passenger and light commercial vehicles, following the expiry of the manufacturer’s warranty.
If you have a fully comprehensive car policy in place, extended cover will complement this and ensure that you can cover any shortfalls or small repairs on your vehicle.
- Shortfall benefit. When a vehicle is stolen or written off and the underlying insurer has settled the claim, a shortfall may arise between this payment and the outstanding capital at the bank. This benefit ensures you are adequately covered for the difference between your outstanding balance on your finance account and your retail value in the event of a total loss of your vehicle, minus the excess amount.
- Excess cover. This benefit ensures you are placed in the best financial position in case of the loss of your car. It settles your vehicle finance account with the amount which you paid as excess on your underlying insurance claim up to R10 000.
- Unintentional violation. If your vehicle is damaged, stolen or written off and a term or condition of the underlying policy is unintentionally violated (or not complied with) this could result in the rejection of the claim. Should this happen, extended cover will cover this amount.
Buying new Buying used PROS A new car has the latest features and updated technology. It’s an affordable option if you have a small or fixed budget.
You can pick from a greater variety of vehicles. The value of a car depreciates fast and that’s why it is often a good reason to buy used instead of new. You have more choices about colour schemes or trim combinations and extras or upgrades. When buying a used vehicle, it is safer to buy a vehicle that has been quality checked and certified by a dealer.
You can get great deals when dealerships offer discounts on demo vehicles. “Barely used” and “demo” cars can often include a warranty and maintenance plan.
Buying new Buying used CONS It is considerably more expensive than buying used. A used car can cost you more over the lifespan of the vehicle. Most new cars immediately loses value as you drive it out of the dealership. It may require maintenance and repairs far sooner than a new car. Optional features may add considerably to the price of the car. Available features, choice of colour, etc. are often limited. Insurance, taxes and registration fees are higher. Used car repairs are often not covered by a warranty.
What to look out for when buying another car
Consider these handy tips when you are replacing your current car, whether you are selling it privately or trading it in. Also give some thought to whether you want to buy an out-of-the-box or older car.
Things to consider when looking for your dream car
You have various options when searching for your new car. Here are some great tips to help you to get an affordable deal and value for your money before buying.