Went to we buy cars a few years ago to help my sister with buying a car. They gave us an interest rate that we weren't happy with. So we decided to shop around at other banks. They told us that we were already in the system and we could apply for any car besides the one we had already applied for at we buy cars. So we walked away. Basically don't go into that finance office shop around for financing way before you buy a car. The other thing they do they will advertise a car below retail price. Then say its price subject to inhouse finance then screw you on the finance. You will think you getting a discount then they make the money back from charging you an a high interest rate.
My colleague was offered 17.8/ 16.5% interest rate just last month for a Kwid last month. I advised her not to rush into buying a car before conducting more reasearch. I was also offered the same percentage and I declined. That was back in January. It’s now April and I’m still weighing my options and planning on buying a car cash.
I dd wat your partner did 7 years ago da dealership offer also had balloon n da bank gv me lower interest with no balloon...thank you Nicolett for the education
insightful as always . i started watching way back when i was still at varsity now 5years working still watching. i must say you have helped me a lot NICOLETTE keep on.
my wife and i starting following Dave Ramsay's baby steps about 8 years ago, took us 3 years to pay off all our debt and then cash flowed cars since then, then saved up again, and upgraded our cars...i will never again have car payments! yes i will never drive a new car, but cars lose most of their value in the first we years anyway....buy a car cash, put your money in investments....
@@lungaandfriends did not enroll, there is so much content on youtube alone where you can watch how the steps work, people that have got out of debt etc...but the main thing is discipline and patience, all the best information is pointless with out these...
Ahh I see. Much appreciated. I was watching a video where Dave recommended a 19 year old to do his “baby steps” and sounded like a course..thanks for the clarity. Enjoy the rest of your day 🙌🏾
Extremely informative. Just moments ago, I was engaging in a discussion on my friend's Facebook status regarding car financing. It's evident that our community requires comprehensive financial education, coupled with a willingness to let go of pride. Pursuing a car purchase with balloon payments and interest rates exceeding +4% can be attributed to either a deficiency in financial literacy or a desire to display ownership of a vehicle beyond one's means, often for the purpose of impressing friends or family.
Bought my first car in 2022 i did a thorough research prior i must say i got everything right i managed to get the deal i wanted however this is only part i didn't know and my interest is so incredibly high. Thank you so much for this information🙏
Another point on top of all of these and I know this for a fact just won't say how. They get kick backs (Commissions) from companies they work with to make extra cash. So they don't only make money on the car they make money on multiple other products in the background. Lol I'll leave it there before I get in trouble.
What then happens to the third pot ( the vested pot) after they have seeded the savings pot with 10% Will I have access to my vested pot upon resignation after September 2024? Is it also only available on retirement? How about upon retrenchment or dismissal? Or at the end of a fixed term contract? It would make sense to only lock the pot made up of the 2/3 contributions but not the vested pot. There’s really no benefit to this for the consumer. The government will be the biggest winner. They have finally found a creative way to dip their corrupt hands into our savings
Nicolette with my first car I just wanted a car 😅😂. I work in accounting department so all extras I didn’t take. But the interest rate was a killer 😢 to make it worse it was fixed. I ended up applying at my bank to get the car refinanced during COVID but the car loan was now small less than R100k so my bank refused though they had offered me almost half interest rate. I had to settle it off. 😣
Yes we assume people know...specially people who have owned cars b4 but honestly...we learn every day...have bought my second puntsununu and was my first time trying to negotiate interest rates and linked to fixed but did not have such strong pointer like that to fight...did not know how to and ended up taking wat they told me was the best they cud do.
I do believe that you shouldn't mention how much you are willing to pay monthly coz they can give can give a R350 000 car where you pay less eg. R4800 because they put up a balloon payment and you can still pay for the same amount monthly on a R250 000 car. So stay on your car retail price of the car than the monthly Payments. Remember every R100k it's R2k monthly installment, Every R50k it' R1k R300k car it's going to be around +/-R6k. Correct me if I'm wrong.
Don't make that mistake. Buy the car without a deposit. Three months down, the amount you wanted to pay upfront can now be deposited to kill the interest rate. Eg. 100k car, take finance. After 3 months, on the 4th payment just pay 50k.
@@tuckermakemehappy2193 Interesting, i didn't know that would make a difference. I saved the deposit for negotiation power. And i'm planning to pay this car off this december.
Big up to UA-camr Muzi Sambo, he's done a great deal of work in enlightening us about such issues when buying a car 👌
He is so good
They should give him his flowers and mention it in their videos that he inspired the theme.
6:50“Dealerships are actually loan generation service providers for banks” …always appreciate your thoughtful insights ✨
Went to we buy cars a few years ago to help my sister with buying a car. They gave us an interest rate that we weren't happy with. So we decided to shop around at other banks. They told us that we were already in the system and we could apply for any car besides the one we had already applied for at we buy cars. So we walked away.
Basically don't go into that finance office shop around for financing way before you buy a car.
The other thing they do they will advertise a car below retail price. Then say its price subject to inhouse finance then screw you on the finance.
You will think you getting a discount then they make the money back from charging you an a high interest rate.
Wish i knew this when i bought my car 4 years ago. thanks for the educational segment
My colleague was offered 17.8/ 16.5% interest rate just last month for a Kwid last month. I advised her not to rush into buying a car before conducting more reasearch.
I was also offered the same percentage and I declined. That was back in January. It’s now April and I’m still weighing my options and planning on buying a car cash.
That’s why it’s so important to request for the podium, very informative video Nicolette!
I dd wat your partner did 7 years ago da dealership offer also had balloon n da bank gv me lower interest with no balloon...thank you Nicolett for the education
insightful as always . i started watching way back when i was still at varsity now 5years working still watching. i must say you have helped me a lot NICOLETTE keep on.
my wife and i starting following Dave Ramsay's baby steps about 8 years ago, took us 3 years to pay off all our debt and then cash flowed cars since then, then saved up again, and upgraded our cars...i will never again have car payments! yes i will never drive a new car, but cars lose most of their value in the first we years anyway....buy a car cash, put your money in investments....
Dave Ramsay is a chief and champion…how did you enroll on the baby steps program?
@@lungaandfriends did not enroll, there is so much content on youtube alone where you can watch how the steps work, people that have got out of debt etc...but the main thing is discipline and patience, all the best information is pointless with out these...
Ahh I see. Much appreciated. I was watching a video where Dave recommended a 19 year old to do his “baby steps” and sounded like a course..thanks for the clarity. Enjoy the rest of your day 🙌🏾
We are also doing the baby steps and it has been such a blessing.
@@bloomwithKels Dave Ramsey is a legend. PS: hey MTC teacher ✨
Buying a car has become an extensive feat if you don’t want to get taken for a ride.🙆🏾♂️
Extremely informative. Just moments ago, I was engaging in a discussion on my friend's Facebook status regarding car financing. It's evident that our community requires comprehensive financial education, coupled with a willingness to let go of pride. Pursuing a car purchase with balloon payments and interest rates exceeding +4% can be attributed to either a deficiency in financial literacy or a desire to display ownership of a vehicle beyond one's means, often for the purpose of impressing friends or family.
Not them putting extras you did not ask for,it’s very important to read your contract carefully before signing on that dotted line
That's why some sales people or dealerships will refuse to give you a OTP or podium so you can go to the bank yourself
Basile
As soon as they came with 0 deposit... I knew that they have something up their sleeves. I DON'T TRUST THEM!!
Hi Nicolette, trust you're well. How does one get in touch with you? Could we by any chance do an interview on accounting?
I appreciate your videos so much, they are so helpful.
Bought my first car in 2022 i did a thorough research prior i must say i got everything right i managed to get the deal i wanted however this is only part i didn't know and my interest is so incredibly high. Thank you so much for this information🙏
yoooh the drama ya di dealership, I honestly think this is what happens , unfortunately for me it came 3 weeks later
Another point on top of all of these and I know this for a fact just won't say how. They get kick backs (Commissions) from companies they work with to make extra cash. So they don't only make money on the car they make money on multiple other products in the background. Lol I'll leave it there before I get in trouble.
Thanks for this video...
I want to buy my second vehicle using this advice!
Is it possible for bank to revise the interest rate when you are already paying for the car?
How much interest should we usually agree to?
This is informative, Thank you
Thank you. This was really informative.
Can you please talk about Franchise funding in South Africa
but this wrong though this should be regulated because even the car price on its own already has mock up 😭
Doesn’t it lower your Credit Score if you apply at different banks yourself?
Definitely a mean girl
Hi Nicolette
How does one get in touch with you for a one on one advise?
This is so good
Thank you you so much ❤
Great advise
What then happens to the third pot ( the vested pot) after they have seeded the savings pot with 10%
Will I have access to my vested pot upon resignation after September 2024? Is it also only available on retirement? How about upon retrenchment or dismissal? Or at the end of a fixed term contract? It would make sense to only lock the pot made up of the 2/3 contributions but not the vested pot.
There’s really no benefit to this for the consumer. The government will be the biggest winner. They have finally found a creative way to dip their corrupt hands into our savings
Nicolette with my first car I just wanted a car 😅😂. I work in accounting department so all extras I didn’t take. But the interest rate was a killer 😢 to make it worse it was fixed. I ended up applying at my bank to get the car refinanced during COVID but the car loan was now small less than R100k so my bank refused though they had offered me almost half interest rate. I had to settle it off. 😣
Just at the right time was charged 18%😢😢😢😢
Yes we assume people know...specially people who have owned cars b4 but honestly...we learn every day...have bought my second puntsununu and was my first time trying to negotiate interest rates and linked to fixed but did not have such strong pointer like that to fight...did not know how to and ended up taking wat they told me was the best they cud do.
I do believe that you shouldn't mention how much you are willing to pay monthly coz they can give can give a R350 000 car where you pay less eg. R4800 because they put up a balloon payment and you can still pay for the same amount monthly on a R250 000 car. So stay on your car retail price of the car than the monthly Payments. Remember every R100k it's R2k monthly installment, Every R50k it' R1k R300k car it's going to be around +/-R6k. Correct me if I'm wrong.
Is it me or the video cut again😢
Love your vids, but I think you got it wrong this time. Not just dealerships, the entire financial system is designed to make u broke.
Such a beautiful woman.
shuuu i learned. i suspected though
I'm buying my first car with a 50% deposit next month, thank you for this video.
Nothing beats a good deposit, nothing and most people can save up a decent deposit within a year, Alas
Don't make that mistake. Buy the car without a deposit. Three months down, the amount you wanted to pay upfront can now be deposited to kill the interest rate. Eg. 100k car, take finance. After 3 months, on the 4th payment just pay 50k.
@@tuckermakemehappy2193 Interesting, i didn't know that would make a difference. I saved the deposit for negotiation power. And i'm planning to pay this car off this december.
How is this even a question? 😢
I wanna buy my 1st end of the year ❤ #Bakkie
Hi Nicolette
How does one get in touch with you for a one on one advise?