Vehicle finance | Two woman parked a cliff admiring the sea view

01 Apr 2022

Vehicle financing - here is what you need to know

There’s almost nothing as exciting as getting a new set of wheels. However, it is best not to rush the decision to buy a vehicle - a cool head when making this big financial decision will benefit you in the long run.

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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.
 
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.
  • Skip ahead

    [01:14]  Do you actually need a car?

    [02:10]  How has Covid-19 changed our need for cars?

    [02:40]  Used car vs new

    [04:14]  Do you have to save up a deposit when buying a car?

    [05:48]  What is the importance of a test drive?

    [07:07]  Financing your car: bank vs dealership

    [08:46]  The process of buying a car

    [09:38]  Balloon payment

    [12:43]  Refinancing a car

    [14:04]  How does credit shortfall insurance work?

    [10:32]  How do you determine your affordability for your car repayment?

    [15:34]  How important is having insurance on your car?

    [16:38]  Should you be putting a big down payment on your car loan? 

    [18:24]  Key tips on buying a car

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Selae Thobakgale hosts this In conversation for young professionals vehicle finance podcast.

It is important to decide what you can afford to spend on a new or used vehicle, especially in the context of your other debt and financial responsibilities. You must also choose a car that will suit both your lifestyle and your needs when commuting to work. Of course, you must also find the right vehicle finance and loan terms.

Get expert insights and information to help you navigate the vehicle finance process when applying for car finance.

The panel discusses important vehicle financing considerations that can help you, as a young professional get it right when you start looking for your first car. From knowing what to expect to get the right insurance, this episode helps you avoid the common pitfalls that many young people fall into when they get that first ride.

“In this instance, you can walk into a dealership in the morning, and leave with a car that afternoon, which is an extremely dangerous thing to do. And so I think, regardless of whether there’s a deposit or not, start with just taking a little bit of time and slowing down the process.” – Neo Mahlangu, National Banking Client Segment Head at Investec Private Banking.

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