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14 November 2017
Though nerve-wrecking, buying your first car is very exciting. Applying for vehicle finance may seem like a difficult process, but if you know what to look out for, it should be quick and easy. By following these four simple steps you can be sure to get the option that will work best for you.
Step 1: Plan
You need to do your research and planning thoroughly before you choose a vehicle and a financial institution from which to get finance. You need to be realistic when you decide on a vehicle by ensuring that it not only meets your needs, but also fits into your budget. Always plan around the worst-case scenario so that, if your circumstances change, you can still afford to make the payments and pay for maintenance. Carefully choosing a financial institution can help you find the financing option that suits your needs best.
Step 2: Budget
Budgeting is a very important step. If you don’t know how much you can afford to pay for a car, you might end up getting a car that is too expensive. When you’re budgeting, don’t work from the amount that you get paid, use what you have left once you have paid all your accounts and other obligations. You need to make sure that you can afford the instalments every month without default. And you shouldn’t budget just for the monthly instalment, but also for services, general maintenance, insurance, and fuel. You can use the Nedbank budget calculator and instalment calculator to see if you can afford the car you want.
Step 3: Apply
Now that you have done your research thoroughly and looked at your budget, you can start with the financing application. Most financial institutions give you the option to apply online or at the dealership. To qualify for financing, you must:
Step 4: Insure
As part of the loan agreement you are expected to get insurance for your newly financed vehicle. This is an important step to ensure that your car is covered should anything happen to it. This means that should your car be written off after an accident, your insurance will cover it and you won’t have to pay for a car that you can no longer drive.
This information is intended for general information purposes only and does not constitute legal advice.
When it’s your first time buying property and applying for a home loan, you are bound to be anxious and worried about the process.
Applying for vehicle finance may seem like a difficult process, but if you know what to look out for, it should be quick and easy.
#MeToo and #AmINext are just some of the hashtags that took the internet by storm after a young woman was not only brutally raped, but murdered, all while running an everyday errand of going to the Post Office.
When it’s your first time buying property and applying for a home loan, you are bound to be anxious and worried about the process.
Applying for vehicle finance may seem like a difficult process, but if you know what to look out for, it should be quick and easy.
#MeToo and #AmINext are just some of the hashtags that took the internet by storm after a young woman was not only brutally raped, but murdered, all while running an everyday errand of going to the Post Office.