The Official Vehicle Financing Thread

AlphaMan · Postby **AlphaMan** » June 28th, 2021, 8:37 pm

How can someone purchase a vehicle is said person doesnt have access to a jobletter or payslip.
Person is self employed but not a registered business owner?

bluefete · Postby **bluefete** » June 28th, 2021, 9:50 pm

AlphaMan wrote:How can someone purchase a vehicle is said person doesnt have access to a jobletter or payslip.
Person is self employed but not a registered business owner?

Keep taking a taxi / bus / maxi-taxi.

The way the system is set up today, that person will walk through hell before getting that loan (if they get it at all).

Is this a new or used vehicle? Are they buying it from a previous owner or from a dealer?

Are they looking to borrow to buy the vehicle? Then good luck with that.

Self-employed people get the shi--y end of the stick on these transactions.

The person will be required to produce a set of accounts and verify source of funds. That is the biggest issue.

If the person already has a bank account,, it should not be so bad.

But if they have none, then is SALT!

ProtonPowder · Postby **ProtonPowder** » June 28th, 2021, 10:27 pm

If your employment is informal or under the table, the idea is you buy a vehicle with physical cash and get robbed, or a manager's cheque if the money is already in the bank.

If you need a loan to get the car, hard luck, not even a work to own predator want that.

VexXx Dogg · Postby **VexXx Dogg** » June 28th, 2021, 10:30 pm

AlphaMan wrote:How can someone purchase a vehicle is said person doesnt have access to a jobletter or payslip.
Person is self employed but not a registered business owner?

The bank has methods of dealing with self-employed persons. You'll need to have some documents in order to show your legit cash flow,

Just go talk to a loan officer. They might be doing that online now anyway

AlphaMan · Postby **AlphaMan** » June 29th, 2021, 1:45 pm

There are alot of person on the road with cars however I find it hard to believe that everyone bought those by producing a jobletter.
Some have to be self employed.

j.o.e · Postby **j.o.e** » June 29th, 2021, 3:01 pm

AlphaMan wrote:There are alot of person on the road with cars however I find it hard to believe that everyone bought those by producing a jobletter.
Some have to be self employed.

Many people buy cars cash only and upgrade up over time by saving

De Dragon · Postby **De Dragon** » June 29th, 2021, 9:55 pm

AlphaMan wrote:There are alot of person on the road with cars however I find it hard to believe that everyone bought those by producing a jobletter.
Some have to be self employed.

Yes, just have to jump through a few more hoops. Cash security may be your best bet if you can afford it.

AlphaMan · Postby **AlphaMan** » June 30th, 2021, 8:29 pm

De Dragon wrote:
AlphaMan wrote:There are alot of person on the road with cars however I find it hard to believe that everyone bought those by producing a jobletter.
Some have to be self employed.

Yes, just have to jump through a few more hoops. Cash security may be your best bet if you can afford it.

Few more hoops meaning?

nightcrawler · Postby **nightcrawler** » February 6th, 2024, 6:17 pm

Any idea of the interest rates on loans to purchase a foreign used car.

Postby **Dave** » February 6th, 2024, 6:55 pm

Would vary from bank to bank and your relationship with them.

shake d livin wake d dead · Postby **shake d livin wake d dead** » February 6th, 2024, 7:03 pm

Republic was offering 4.5% at the beginning of the year

VexXx Dogg · Postby **VexXx Dogg** » February 6th, 2024, 11:05 pm

Dave wrote:Would vary from bank to bank and your relationship with them.

this.
Email the banks for a loan estimate, including possible legal fees which vary from bank to bank.

FCB is usually competitive with loans especially if you with them a while.

death365 · Postby **death365** » February 7th, 2024, 4:07 am

Also in a credit union too. Most will give u back a percentage of the interest paid at the end of the year / period.

Also interest in shares are around d 3 to 4.5% aka dividends. Where in a bank u may get 0.005 (half of 1%) interest.

AlphaMan · Postby **AlphaMan** » February 7th, 2024, 9:11 pm

What's the longest term you should take a car loan for..
5..8..10 years...

DMan7 · Postby **DMan7** » February 7th, 2024, 9:18 pm

AlphaMan wrote:What's the longest term you should take a car loan for..
5..8..10 years...

Postby **Dave** » February 7th, 2024, 9:25 pm

AlphaMan wrote:What's the longest term you should take a car loan for..
5..8..10 years...

All depends on what you want out of a loan.
Tax reasons... affordability reasons...debt to equity ratio reason etc.

VexXx Dogg · Postby **VexXx Dogg** » February 7th, 2024, 11:04 pm

AlphaMan wrote:What's the longest term you should take a car loan for..
5..8..10 years...

Cars have a shorter lifespan now, planned obsolescence is a fact.

I would say 6 years max. 5 years ideal.
Go in with a decent downpayment, make monthly payments that are comfortable to your budget that can still allow for any surprises.

Don't fall for the trap that they try to sell you a shitbox for 10 years loan and it's worthless after 3.