| How to Finance your Car Purchase Purchasing a new car can be exciting, but it can also be one of the largest purchases you will make. Unless you have loads of money just sitting around, and who does, in these times of financial uncertainty, the purchase of a car will require you to take out a loan of some description. As with most financial deals, there are certain basics you need to consider carefully, such as being realistic about how much you can afford to repay each month before signing on the dotted line. In general, the larger the deposit that you can put towards the purchase of your car, the lower the monthly repayments will be. It is also essential that you include the cost of comprehensively insuring your new car in your calculations, otherwise you run the risk of having to continue your payments even if your car is damaged or written off. |  |
Most banks such as ABSA or other financial institutions in South Africa will offer you various options to finance your car purchase, whether it is for a new car or a used one. Check out these alternatives to see which works best for you: | |