First-time buyer’s guide

7 steps to vehicle finance

Are you thinking of buying a vehicle?

Next to property, buying a vehicle is one of the biggest purchases you will make. How do you finance a deal that’s both affordable and delivers a rewarding driving experience? Start the journey with these seven easy-to-follow steps.

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Selae Thobakgale hosts this episode of In conversation for young professionals. She is joined by Nokuhle Kumalo, Trainee Accountant, and Neo Mahlangu, National Banking Client Segment Head at Investec Private Banking.

1. What are your lifestyle needs?

Whether you need your vehicle for work or play, or if you can hop onto an uber, these are important options to consider when thinking about getting a car.

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2. New, demo or pre-owned vehicle?

Once you have decided that purchasing a vehicle is what works best for you, it is time to weigh up the pros and cons of new vs pre-owned.

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3. What will it cost to own and operate the vehicle?

Now consider the running cost of the vehicle you want to purchase. Make sure you can afford it.

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4. Contact your Private Banker to know your affordability

It’s important that you understand your individual needs and what you can afford before you select your vehicle. Your Private Banker can assist.

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5. What are your payment options?

There are various options for how you borrow and pay back the money, each of which has various benefits and drawbacks.

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6. Finding the right vehicle for you

Research vehicles online and at dealerships. Take the time to review sites and read customer reviews, ratings, and experiences. Speak to friends and family.

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7. You’re almost done – the final steps to your own set of wheels.

Know the final steps of the process and drive off assured that all is under control.

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