Advance payments on car finance can be confusing, as different finance houses may have different ways of treating these advance payments. Any debt that you pay off sooner than required will save you money on interest. However, you need to...
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Listen: Navigating the financial maze of buying a home or car
Buying a home or a car is one of the most significant financial decisions you'll ever make. It can be an exciting journey, filled with dreams of new beginnings and the thrill of ownership. But, as our latest podcast episode reveals, it’s also...
How to avoid having your car repossessed
Although interest rates have stabilised, a weak economy and high levels of debt mean South Africans remain financially vulnerable. If you’re struggling with car repayments and are at risk of having your car repossessed, what steps can you take?...
Buy a home or replace my car?
Many people are wondering whether now is the right time to buy a home for the first time, given the high interest rates. It is a common question I receive from readers. One reader wrote: "I am looking to buy a home for the first time but am...
“Agreed value” for your car insurance?
It’s always a good idea to shop around for the best-value car insurance, but it’s important that you understand what you are paying for. One of the big differences in the cost of the premium is whether you are insured at retail value, market value,...
“On-the-road” fees hide the true cost of a car
A North Gauteng high court ruling recently found that vehicle financing houses are not required to repay customers for “on-the-road” fees. This related to a finding in 2017 by the National Credit Regulator which determined that the “on-the-road”...
What to do if your car needs to be towed
It’s something that happens to most of us at some point in our driving career: getting stranded at the side of a road with a broken-down vehicle. But do you know the right procedures to follow if your car needs to be towed? Whether it’s due to an...
A high-risk car will cost you more
The type of vehicle you buy not only affects the likelihood of you being a victim of crime, but also the amount you pay in insurance, so think twice before buying a high-risk car. The Crime Statistics report released in October this year found that...
You’ve caused a minor car accident – what’s next?
Ernest North, co-founder of fully digital platform Naked Insurance, takes us through the steps to follow if you've caused a minor car accident. Few of us will get through a lifetime of driving without causing a minor car accident or two - whether...
Video: Should I buy a second-hand car?
If you want to be a millionaire, you should buy a second-hand car! In the book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, the authors studied the behaviour and habits of America’s millionaires. One thing that they found...
Previous Articles
When to switch to a fuel-efficient car
With the fuel price at record highs, many motorists may be rushing to sell their fuel-guzzling vehicle and to replace it with a more fuel-efficient car. But you should be careful not to make a costly knee-jerk decision. If you were planning on buying a car for the...
Fuel price hikes: how you can save
With recent fuel price hikes delivering a shock to all of our budgets, every little bit of savings counts. It now costs motorists over R1 000 to fill up a 50-litre tank of fuel. At a pump price of R21.60 per litre, for a reasonably fuel-efficient car that consumes 6...
How much does it really cost you to buy a car?
Ernest North, co-founder of Naked Insurance, recommends that before you decide to buy a car, you take into account all of the costs that come along with owning a vehicle. Buying a car is exciting, whether it’s a brand new model or a preowned beauty you fell in love...
What to do if you cannot afford your car payments
As lockdown drags on and job cuts continue, more and more people are facing financial difficulty when it comes to paying off debt. Many people have asked for advice about what they should do if they cannot afford their car payments. The bottom line is that you must...
Listen: Advance payments on your car finance
We did this podcast a year ago, about paying off your vehicle and home loan sooner – but I thought it was worth sharing again, as Absa has now released updates on its banking app for car finance. Absa car finance customers can use the app to pay in additional funds to...
Struggling with car debt? Take action now!
According to the Experian Consumer Default Index, repayment of car debt has shown a marked deterioration as the extended Covid-19 lockdown puts South Africans under more financial pressure. Marc Friedman, CEO of car sale platform Weelee.co.za says that to avoid a...
Competition will cut car ownership costs
Freedom to have your car repaired by a non-dealer will increase competition and reduce the cost of repairing and insuring your car. A couple of years ago when I was buying a second-hand car that didn’t have a service plan, I discovered what a rip-off my dealership had...
Tips for a successful used car purchase
Ernest North, co-founder of AI-driven insurtech Naked, looks at some of the steps to follow before committing to a used car purchase. Numbers from TransUnion show that South Africans financed around 79 000 used vehicles in the first three months of 2021, with lenders...
Video: The true cost of a fancy car
The decision on how much to spend when purchasing your car is possibly one of your most important financial decisions. In fact, banks say that the main reason they turn down home loan applications is due to affordability, and the main culprit is usually car finance....
When does it make sense to have a travel allowance?
If you are required to travel for work there are several ways to claim for this expense. You can receive a travel allowance or be provided with a company car. In the case of a travel allowance, the employer would normally pay a set amount, for example R5 000 a month....