“Grateful To Be Able To Buy My First Car At 21” – Excited Lady Says As She Shows Off New Ride

A young lady named Nomzamo Chabalala who just purchased a new car at age 21 has shared tips on how to go about buying your car with bank loans.

Read her post below as shared on LinkedIn:

Grateful to be able to buy my first car at 21 🙏🏾 I thought I’d share some useful tips for first time car buyers. A huge shoutout to my mom for guiding me 💙

• Most banks will be quick to congratulate you on qualifying for a car loan but usually don’t disclose the details. It’s important to take the time and enquire about the loan period as well as the interest rate terms.

• Obtain several offers from different banks and not just the bank you bank with.

• “Prime less” is better than “prime plus”. This is because with prime less you’ll be charged interest at a percentage less than the current prime interest rate as compared to prime plus where you’ll be charged interest at a percentage higher than the current prime interest rate.

• Be wary of balloon payments as usually, people are unable to pay balloon payments at the end of the loan period and instead refinance that amount.

• A car is not an investment so I don’t advise putting a deposit on a car.

•If possible, ensure that when you take delivery of the car, the car is insured because anything can happen.

Source:Nomzamo Chabalala|LinkedIn

Email: elora.akpotosevbe@yahoo.com