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...
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A car or an apartment?
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...
Should you just hand back the keys?
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...
When to pay that car deposit
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...
Video: Buying a car
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...
Does a new car make us happy?
I recently spent some time interviewing potential candidates for the City Press/Absa Money Makeover competition. It is so interesting that almost all applicants state that their biggest financial mistake was buying a new car. As one applicant said...
Understand the fine print
I often receive complaints from people who have signed agreements they haven’t fully understood. Unfortunately there is little recourse for the consumer in such cases. Take time to read the fine print. As consumers we tend to be very emotional...
How to buy a car on auction
Auctions are typically associated with property or fine art, however, you can also pick up a good second-hand car at an auction. The first thing you need to know when buying a car on auction is that it is sold “voetstoots”, which means that you buy...
Buying a car in December
By Nicholas Nkosi, Head of Vehicle and Asset Finance – Personal Markets, at Standard Bank It is natural to think about the joys of starting the New Year in your dream car when your bank account is filled with an end-of-year bonus. However, is it...
Free financial planning workshops in Cape Town
Financial Planning Week: 25-29 August CERTIFIED FINANCIAL PLANNER® professionals Craig Torr, Paul Rossouw, Ian Beere and Laverne Slater will be giving four free financial planning workshops in Cape Town on 26, 27 and 28 August, as part of...
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Breaking the myths around buying a new car
Leave the buying of new cars to people who don’t understand maths, or to those for whom status is worth more than building wealth In the book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, authors Thomas J Stanley and William D Danko studied...