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BIB Finance

Smarter Vehicle Finance

If you want to get smart about your next vehicle purchase, choose BIB Finance to secure your vehicle finance beforehand.

2020-02-28

Getting Smart About Your Vehicle Finance

South Africa has a wide variety of car and bike brands for locals to choose from. The time is now to get your hands on that dream car or bike that you have been eyeing. The first step often involves people rushing to the dealership to get a closer look at what they want to buy. However, it would be smarter to find out how much you can spend on such a purchase first. This is where our solutions can give you the best possible vehicle finance options from the major Financial Service Platforms (FSPs) in South Africa.

Based on your current income, credit score, and other financial factors, the FSPs will give you options in accordance with what they determine you can afford. By comparing the different options, you can choose one that works with your monthly income. Purchasing a vehicle is much more complicated than simply driving to a dealership and buying a car. If you want to be a responsible and smart car owner, your first step is to ensure that you can afford such a purchase by researching vehicle finance.

Finance a New Car

Cars are a commonly used means of daily transport in South Africa. They are the most reliable method of transportation in the country. It’s essential to buy a vehicle that suits your lifestyle, income, and current financial position. Many working-class people opt for a small hatchback that is efficient and affordable on a basic salary. These cars also offer good fuel consumption, making them even more affordable for their owners. Unfortunately, these cars have their own drawbacks when compared to luxury saloons or more expensive renditions.

By securing your vehicle finance before you go car shopping, you will put yourself in a position to make an informed decision. You might want a new premium saloon, but don’t think that your current salary could cut it. By applying through us, you will get a comprehensive insight into what you can afford and how much it will cost you over a set period. Once you have secured your loan, you have the freedom to shop for whatever you can afford.

Bakkies and SUVs are more expensive than small hatchbacks. However, if your financial position allows you to afford a bakkie, you can possibly also afford a medium-sized saloon. Therefore, do your research before deciding which type of vehicle you want. If your job demands that you drive a bakkie, that decision becomes easy. But if you simply prefer a bakkie, you might want to consider looking into other car types as well. You could drive away in a stylish and luxurious sportscar that suits your lifestyle better than a large bakkie that might never see an inch of gravel road.

If you want to get smart about your next vehicle purchase, choose BIB Finance to secure your loan beforehand. We can assist in refinancing and ensure that you can better manage your monthly instalments. For more information on how we can assist in all your finance needs, please browse our website and contact us today.