👇🏼👇🏼For an INSURANCE QUOTE www.naked.insure/car-insuranc... (Naked Financial Technology is an authorised FSP.) 100% Online, NO phone call👨🏽💻 All you need to know about car finance when buying a car in South Africa.
I managed to buy a Polo TSi 2018 model saving 70 000 K from a reputable dealership. All thanks to your master classes I was able to scrap delivery and registration fees as well as 10 K on the price of the car😂 I loved the colour but told them instead it's not what I wanted but I'll take it if they drop the price😂 and it worked!
@@dimakatsotsoene588 that's a good question because at the dealership i wanted to scrap all those unwanted extra's, delivery and so on, they told me it's compulsory, i said ngeke and left.
I've learnt a lot about cars from this channel. pity I'm a professional R350 surviver. I can't wait to find a job and put the lessons I got from this channel into practice.
A phobia of buying a car on finance has always been with me for the last 5 years ever since I was employed and could qualify, until I started watching you channel in January... your content is gold ✨️... thank you muzi 🙏🙇♂️
This is very informative Muzi. I got a quote for a few cars and went to apply for my own finance and the interest I got made me think twice about affordability. I abandoned the idea completely. Its e-hailing for me till further notice.
Thank you for Naked insurance Muzi, I'm now saving 1k on premiums from previous insurance. All these companies were quoting me crazy for a Gti. Thanks bro!
As someone who did a stint at a dealership, this is mostly on the money 💯💯💯. I just want to mention that your interest rate is a function of your risk profile (i.e. credit score or credit behaviour). Being a high earner does not guarantee good rates or even an approval sometimes. I would also add the difference between signing the finance contract and the delivery note. This is because people will think just because they haven't signed the delivery note and collected the vehicle, the deal is not finalised. They go shop around and try to do an application elsewhere and it appears you have car finance for a car you don't have. Don't sign the finance contract if you're still not sure about the deal.
@@takunda6087 Depending on how busy the dealership is, could take a day but nothing more than 2 days. Sometimes it's because they are processing too many applications and not enough F&Is on hand. Suffering from success, I guess
@@GearzMonkey oh I see. And probably it was affected by yesterday's holiday. I have also realized I did a fuck up, applying to more than one dealerships at the same time, I hear it ruin the credit profile. But anyways will see how it goes. Thanks
I got a whooping discount all thanks to you, one of the dealer was not able to get the colour I wanted took the quotation to another dealer lolthat had my colour m, but told them I want you guys to beat this offer and they did and I got the colour I wanted…all thanks to you 😊👌🏽
Super helpful. I am shopping at the moment, and I got my eye on the mini one, 2023. I would be a first-time car buyer and have no knowledge of anything. Thank you .
Great advice... Sometimes people just want to know how to do something. Everytime you Google "how to buy a second hand car in South Africa" no article will give you the step by step of what to do, what documents you need .. They will tell you things like "take it for a test drive, make sure you do your research, etc"
Sure MJ I like your content bruly keep it up.. by the way I just noticed car dealerships they don't want to do quotation in our days . They will be asking a lot of questions if you say u want external car financing
What a soul you are my guy - i am over 30, THOUGHT i knew all i needed to know about owning and maintaining cars LOL . Brother keep grinding, your videos are far more educational than you think and yet so entertaining and informative . To consider to many perspectives, & opinions, yet still be so confident is impressive.
I am for a deposit for the same reasons you mentioned. Negotiating lower interest and better monthly cash flow from a lower installments. But, I still have limits on the percentage Im willing to give on the value of the car. Never above a quarter even if I have more. I'd rather invest the rest in equities/ETFs.
I applied through the dealer. Got accepted through all the major banks and got rejected by my own…. The dealer then negotiated and asked them to provide a reason for their rejection. They couldn’t provide any, so they finally accepted, with a slightly lower interest rate…. Couldn’t have negotiated all that had I applied on my own
I would differ with you Dr. Muzi on the matter of paying a deposit. In light of the intrest rates and car prices going up banks have responded by upping loan durations. There will be a time wjen loans are going to be 7 and 10 years. In liight of this I would reccomened getting yourself out of that as soon as you can and the best way to do that is to pay a deposit or later on, move the loan and renegotiate. Again this is not the scenario now, but if things keep going the way they are, that will be the future.
❤️Thank you for all efforts assisting us in making financial decisions. We gaining confidence everytime becoz of the knowledge you are giving us. Atleast still someone like you who doesn't sugar coat the reality of finance problems this helps us use our heads not the excitement of buying a car clouded by fear to negotiate or sweet talk by dealers. Let ur cup over flow with blessings you truly are God sent to save souls from financial depression. Danko Mr Sambo
I think paying a deposit in cases where it lowers one's monthly installment &/or interest is a good thing because it can allow u to save some money while paying installment at the same time. If monthly installment is R6000 with 0% deposit and R4000 with deposit, one can pay 4000 installment and put R2000 on the savings account, come rainy days they'll be some savings in the savings account.
Thanks Muzi for the great content When you touch on this subject again, I would like to hear about paying off the car loan early as I have heard some places may charge a penalty.
Most of these in house finance will usually never give lower interest rate for free. There's always and conditions catch that may be unfavorable, like 9% or prime minus 2 but slap you with a balloon payment of 20%. If you dont want finance with balloon then the normal interest rate applies.
Thank you very informative, quick question the deposit you pay the bank that is financing you or the dealer? And who do you favour in your scenario with the deposit and no deposit?
Lol good to see you’ve warmed up to Naked Insurance. I remember watching the GTI video and u were shopping around for insurance and u said “when I see red flags I run” after getting a quote from Naked😂 If you now trust them then let me also see what they have, ngihamba nawe hosi ya mina✊🏿
Thank you Dr for this, can you also please tackle advantages & disadvantages of a balloon payment, when is necessary? ....apologies if i have missed the video
Yeah I think when he was talking about deposits vs no deposits, it was an important thing to mention. Also, the examples in the beginning with the low interest rates had exorbitant balloon payments. I don’t know anyone who has 150k to drop at once in the end.
Can you give us a video of a 1.4 ford figo ambiente 2012 and what you think about it and if it can make a decent second hand to buy for a first time car owner
Another great video. I'm interested to know which is better between a fixed and variable interest rate. Maybe a difficult question as there are pros and cons to both
Mara why are you buying a car if you don't have your savings sorted out first. Saving for a rainy day is something you should start doing from your first paycheck. Khokha iDeposit yakho!!!! i'm just playing along with the given scenario, ningathathi kabi
