Putting Your Money Where Your Wheels Are

Vehicle finance doesn’t have to be a painful process – but the more you know, the better. We spoke to a car finance guru to find out how to make the system work for you

- Nkosiyati Khumalo

WE LOVE OUR CARS, and after shelter, they’re often our single highest expense. There are lots of attractive offers floating around, but what are the costs we tend to forget about when looking at a deal? Do we really need to finance a car for 72 months? And what can we do when life happens and our needs – or even our finances – change? To figure this out, we spoke with Clive Prevost, the CEO of BMW Financial Services, and got a look into how the BMW Group adds transparency into the finance process.

GQ: Let’s start with the most pressing concerns. Given the current circumstances, and a pandemic that has affected almost everyone’s financial situations, what are people’s options for reviewing or changing vehicle finance? What do you do if life changes and your financial situation changes?

Clive Prevost: Firstly, if you’re entering into or have entered into a vehicle finance agreement, and haven’t yet taken insurance relating to termination of employment contracts, etc., now’s the best time to investigate. Depending on the insurance contract, your monthly repayments could be paid for an agreed time if you’re, for example, retrenched.