If you’re in the market for a new set of wheels, you’re probably feeling overwhelmed by the amount of information and options out there. Apart from considering all the various makes and models available, you would have to start by asking yourself whether you want to buy a new car out of the box or one that was previously loved. In addition, you also need to weigh up your options in terms of vehicle financing. Thus, you have you ask yourself if you will be able to do a cash purchase, or if you need car finance from a vehicle finance provider?
Here are four things for you to consider in order to find the perfect match to suit your lifestyle and wallet.
- Cost: Your car will most likely be one of the biggest financial commitments that you’ll ever make. Remember, besides the monthly premium payable on your vehicle finance loan, you also need to make provision in your monthly budget for a short-term insurance premium, service fees (if not included in a motor plan) as well as your monthly fuel expenses. Therefore, ensure that you do your homework regarding affordable vehicle finance options before you apply for vehicle finance. There are many online tools that can assist you with this, such as the Iemas vehicle finance calculator. Alternatively, request a vehicle pre-approval letter from any Iemas branch to help you determine the vehicle finance amount you qualify for.
- Condition: Should you choose a previously loved car, you run the risk of driving a vehicle that may have been damaged before. However, the Consumer Protection Act will count in your favour, as it compels the seller of a used car to reveal any deficiencies to you upfront. It is advisable to take the car for a roadworthy test and to get a full service history. The vehicle finance consultant assisting you during the vehicle financing transaction can recommend approved roadworthy test providers.
- Maintenance: A new car will have a warranty included in the selling price and in most instances, a motor plan that will take care of any impairment except wear and tear items. A used car on the other hand, may have no warranty or motor plan and it is thus advisable to determine these details before you apply for car finance.
- Features: If you are buying a used car, you will not be able to tailor the car to your taste before buying it. However, if you feel very strongly about having certain features in your car you can request for those added trimmings to be added when ordering a new vehicle. The cost of these additional add-ons will be added to your vehicle finance amount.
Let Iemas’ vehicle finance solution put you in the driver’s seat. Remember, Iemas not only offers competitive and affordable vehicle finance options, but we can also assist with refinancing your vehicle or find your dream car on your behalf. We are as proud of your new wheels as you are, which is why Iemas also provides short-term insurance for those unfortunate incidents. Contact Iemas Financial Services on 0861 043 627 to speak to a vehicle finance consultant or click here to use our convenient vehicle finance calculator.
Adapted from: https://www.w24.co.za/Home/Cars/new-vs-used-4-things-to-think-about-when-buying-a-car-20160901