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Discussion Starter · #1 ·
I'm keen on another 916 Spider in very good nick but its a 2000 model and the seller wants R95k (more than i have in cash) Banks only do finance for cars 8-10yrs old so it appears that option is out. I'm also not very keen on a personal loan (much higher interest rates, and limits my options should i need emergency cash) Anyone know of another way to go about this?
 

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I'm keen on another 916 Spider in very good nick but its a 2000 model and the seller wants R95k (more than i have in cash) Banks only do finance for cars 8-10yrs old so it appears that option is out. I'm also not very keen on a personal loan (much higher interest rates, and limits my options should i need emergency cash) Anyone know of another way to go about this?
It depends on your deposit.
I managed to finance Hennie's old Zoe 145. It was a 2000 model and I financed it at Wesbank in 2010. But I had a 40% deposit. The finance was approved in 10 minutes thats no lie I promise.
 

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Wildcard, do you mind sharing the interest rate you got?
 

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El they sometimes nail you on interest, but for a rare car, what can you do? There is 3% difference on the interest rate of my 159 compared to my GTV.
 

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El they sometimes nail you on interest, but for a rare car, what can you do? There is 3% difference on the interest rate of my 159 compared to my GTV.
On R100k over 4 years the payment difference on 9% to 12% is R2488.50 vs R2633.38 - that is close to / only R150pm difference.

Lets say you get that 40% deposit - the payment should be R1493.10 vs. R1580.03 - R83pm different
 

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12% or less is not bad on less than R100k. That would be better than buying using a credit card!
 

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12% or less is not bad on less than R100k. That would be better than buying using a credit card!
For the joke: With the R40% deposit and then R60k on 20% (Credit Card type interest) over 4 years payment is R1825.82 - that is R332.72 pm more than at 9%. The % does not matter that much if you pay it off quickly
 

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I am sure you would be able to get a personal loan at less than 15%? African bank had some great personal loan offers at one stage.
 

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Old cars like this you must buy cash if you dont have the money then you should NOT get it as you cant afford it as simple as that.
 

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I think you may be able to finance through a bank approved dealer, which sells classic cars. Maybe a dealer like Motostars, maybe worth investigating. The deal structure might be steep though with deposit and interest rate requirements.
 

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Old cars like this you must buy cash if you dont have the money then you should NOT get it as you cant afford it as simple as that.
Thats the dumbest thing i have ever heard richard...no doubt it would be better to pay for it cash but if the guy does not have thee entire amount then what??? Its like saying you want a run around for fuel and maintenance purposes and consider a 2008 citi golf...the car costs 50k, its cheap but not everyone has that amount readily available so would you apply the same theory???
 

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Discussion Starter · #13 ·
I could come up with the cash....just! Buuuttt I feel that spending cash that could and is invested shouldn't be spent on a depreciating asset. Having said that I also don't think putting up with a high interest rate is good either. A large deposit and paying of in 3yr's or less is ideal. i actually read an interesting financial article that said if you can't pay off a car in 3yrs you can't actually afford it.
 

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I got a unsecured personal loan from Nedbank at less than 13%.... Approved same day...
 

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No Purple One not on a relatively 'new' car but this car is 13 years old so will require a fair bit for maintanance.
If it is not used as a daily and more as a toy then definitely should not be financed.
But then anyone can spend their monies on whatever they want its just not what I would do.
 

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Discussion Starter · #16 ·
Richard unfortunately my more sensible side is inclined to agree with you. Toys should be bought for cash....I'd like to be able to have the Spider and still stay on a solid financial footing.
 

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I could come up with the cash....just! Buuuttt I feel that spending cash that could and is invested shouldn't be spent on a depreciating asset. Having said that I also don't think putting up with a high interest rate is good either. A large deposit and paying of in 3yr's or less is ideal. i actually read an interesting financial article that said if you can't pay off a car in 3yrs you can't actually afford it.
I'm not sure about a sub-R80k 916 being a bad investment. It's got all the right ingredients for collectible classic status - sounds nice, still Alfa's fastest roadcar, gorgeous styling and highly impractical.
 

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my 2 cents is ,it depends what the value of the car is vs the time period in which you think it will take you to square off your loan ,I took out a loan of R38 000 over 48 months for my GTV with 109 000km on the clock ,like everyone said on the forum that was against me when i wanted to sell the call for some profit,they said that i should fix all the small things up and the car will boost in value ,so if i put my 2 yearly bonuses into my loan i can square it off quicker reducing the overall damage of what the interest does to you. so hyperthetically if i had to take my time squaring off my loan in time period agreed upon ,then the total damage would be R72 000:cry::eek::vomit: ,how ever if i put all my extra cash flow into the loan plus bonuses i square off the loan in 1 and half years which is around the corner i only lose R10 000 extra ,bringing the total cost of the car to R48 000,still for R48 000 there is nothing in the market for that price ,even after doing the cambelt service of R10 000 total R58 000,i still cant get anything for that money in terms of bang for buck even if i sell the car with the I will get atleast R49 000 back, a old opel corsa gsi costs that amount of money,those are cute cars ,everyone has them,are they fun maybe?so is every other vw ,bmw,toyota,nissan etc. but they are all cars that lose there beauty as soon as a new model is released,an Alfa ? never,its cars that you can never get tired of looking at,even through the little niggles.:thumbs: just my 2 cents
 
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