→ Banks are now stretching 96-month vehicle contracts.
A s South African consumers battle with affordability due to high inflation, record-high À interest rates and a broadly weaker currency over time (impacting the cost of imported goods), credit providers are offering vastly extended loan terms to make purchases more "reasonable" - in theory, at least.
The terms for vehicle finance offers have slowly stretched from a "standard" 60-month term to 72 months, which is increasingly the "default" on any finance offers.
These also include balloon payments in an attempt to further drive down the monthly repayment amount. So a six-year loan is now the norm with seven-year ones starting to be promoted on certain vehicles/brands.
However, vehicle finance contracts on offer from banks can now stretch to as long as 96 months (in the case of WesBank).
Balloon payments aren't allowed on finance terms longer than 84 months (seven years) and these are only available for vehicles less than two years old.
Denne historien er fra September 21, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 21, 2024-utgaven av The Citizen.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Fringe Boks to show up
STICK: IMPORTANT FOR THE UP-AND-COMERS TO KEEP GETTING GAME TIME
Title favourites collide
EPL: EARLY SEASON POINTER IN CLASH BETWEEN MAN CITY AND ARSENAL
Max: Fight is not over
SINGAPORE: RED BULL ON BACK FOOT AS NORRIS HUNTS DOWN DUTCHMAN
Car finance a steep climb
CREDIT: WE'RE NOW IN AN FRA OF 30-YEAR HOME LOANS. FOUR-YEAR PHONE CONTRACTS
Real cost of iPhone 16
PEARS: IS IT REALLY CHEAPER TO FLY TO THE US TO BUY APPLE'S LATEST?
The absurd helps us see more - artist
A fat Ferrari, pickles on pedestals and two sausages in an intimate embrace welcome to the weird world of Erwin Wurm, one of Austria's most famous contemporary artists, who wants us to embrace the absurd.
AI fakes plague US poll
DEVIOUS: TAYLOR SWIFT, LADY GAGA, MORGAN FREEMAN DID NOT BACK TRUMP
Israel hits Lebanon hard
MILITARY: AREA BOMBED AT LEAST 52 TIMES, DESTROYING 100 LAUNCHERS
Scientists track waste
MARINE SANCTUARY: NAVIGATING WATERS OF THE FJORD TO DOCUMENT POLLUTION
Evidence of 'death flights'
ARGENTINA'S SCAR: DOCUMENTARY OF JUNTA DROPPING ENEMIES FROM PLANES INTO RIVER