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 79Â 000 used vehicles in the first three months of...
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...
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...
Khwezi Jackson, investment consultant at 10X Investments, explains how buying a fancy new car could sabotage your retirement funding. Seeing a headline, ‘Spending R10,000 per month on a new car’, got me thinking: Why would anyone spend that much...
Advance payments on car finance do not work the same as on your home loan, so it’s worth understanding how to make the most of it. Any debt that you pay off sooner than required will save you money on interest. However, you need to understand how...
How does a balloon payment work? What questions should I ask my dealer? Can I settle my car finance early and what happens if I want to give my car back? Maya (@mayaonmoney) chats to vehicle financing expert Henry Botha of Absa Vehicle and Asset...
I always maintain that actuaries never lie, and women on average pay less for car insurance than men, so is it true that women are better drivers? In light of Women's Month, I am speaking to Christelle Colman of Elite Wealth Assets Insurance to...
Despite having credit shortfall insurance, many policyholders find themselves out of pocket when it comes to claiming because they don't properly understand how the cover works. In its 2019 annual report the Ombud for Short-Term Insurance (OSTI)...
The days of having a beer after work and driving home will soon be over – and that’s not just because of the lockdown restrictions. Once South Africa’s strict new drunk-driving laws have been passed, drivers won’t be allowed to drink alcohol at...
Home loans are usually the cheapest form of financing and it may seem like common sense to use this lower interest rate to pay for shorter-term debt like car finance. In theory you save money by paying a lower interest rate, however, most people...
While her current car has been a reliable mode of transport, Mapalo faces the reality that after eight years, it is time to buy a new one. What car should she consider? How does she work out her affordability and should she put down all her savings as a deposit? Maya...
One of the more common questions we receive from readers about car finance is regarding a balloon payment. In many cases it seems that consumers eager to buy a car sign on for a financing agreement that they do not fully understand. When we talk about balloon payments...
When the Ombudsman for Short-Term Insurance (OSTI) released its annual report recently, it was unsurprising that complaints around motor vehicle insurance are the most common, at over 48%. Of these complaints, 18% of motor vehicle insurance disputes were resolved in...
Given the technicalities around car insurance, it is not surprising that most complaints received by the Ombudsman for Short-Term Insurance relate to vehicle insurance and warranties. Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss what fine print to check...
Many people wonder whether they should claim from their car insurance after an incident that causes minor dents or scratches on their vehicle. Sumarie Greybe, co-founder at Naked Insurance takes a look at when it makes sense to submit a claim. After the annoyance and...
A 23-year-old wants to do the right thing with her money and not end up a casualty of ‘bad debt’. Nthabiseng has just graduated and started her first job. She still lives at home and is currently using her parents’ car. “I am caught in between buying a comfortable car...
You have bought the car of your dreams but within a year or two you realise that the installments, petrol and insurance are all just unaffordable. The car of your dreams is now giving you nightmares – so what can you do about it? One option is simply to return the...
One of the more frequent questions I get asked is whether it makes sense to pay an upfront deposit when buying a car. It seems that dealerships are advising customers not to pay the deposit upfront, but rather to make a lump-sum payment 24 months into the contract as...
The main reason we take out car insurance is so that we are covered in the case of an accident. However, if your car was not in a roadworthy condition at the time of an accident, or you were under the influence of alcohol, your policy might not pay out. So don’t drink...
If you are considering buying a car, try save up so that you can put down a deposit. This will reduce the total cost of the car. By saving up a deposit, you could qualify for a better interest rate. A bank will view the fact that you were able to save for a deposit as...