ThuthukaSA

Will You Still Be Able To Pay Your Car Instalments If Interest Rates Increase On Thursday?

This coming Thursday (23/11/2023), the Reserve Bank might increase interest rates again. Will you still be able to pay for your car? We read that over 22 000 cars were repossessed between January and June this year. Do not form part of this statistic.

Do not wait until you get into arrears to do something. The sooner you act, the better. If you feel you are approaching a point where it is difficult to pay for your monthly expenses, contact us before you have any arrears and your credit record is tainted.

We can also help you to reduce your monthly instalments.

In some instances, we can even help you to get cash out of your car to help you cope while you restructure your finances.

SA Best Seller, From Debt to Riches has an excellent budget exercise on pages 90 – 92 that you should use that will help you determine if you can afford your new car. Many of our customers who have used the template can attest to how it helped them purchase vehicles comfortably with no stress of potential repossession.

It’s important to understand that if buy your car using a bank loan/ vehicle finance that the owner of the car is the bank until the last payment has been made.  

Share this knowledge with your loved ones

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