MISCONCEPTIONS ON CAR DEPOSITS |why you should pay a deposit on your car | Cars Eps 4

Hey guys

In this video, I am talking about the misconceptions I heard about paying a deposit for a car,then take you through my personal journey with a car deposit, thereafter show you with calculations, how paying a deposit on a car can be beneficial for you in the long run.

I hope you enjoy this video and the car series as a whole.

EQUIPMENTS
Camera: IPhone 11
Lightning: Natural light
Music: interludes by Daniel Garrow
Editing software: iMovie

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[LifeWithNyeleti]

Yhooo Sesi, I am. Really. Enjoying this Car Series.. Very very informative

[xoliswachauke]

Wow thank you Rixongile ths s eye opening

[mashudumunyai]

If you have extra money to put in, DO NOT PAY the deposit up front at the dealership. Rather transfer it later straight to the bank. And I would advise you to rather ask the bank to use that money to reduce the loan term than reducing the monthly installment. That way you save a lot on interest and pay the debt quicker.
Another thing, I wonder why wesbank said you can’t pay more to reduce your monthly installment 🤔🤔. I’ve transferred money to the loan account, when I called them to inform them of the money I transferred, they gave me two options. 1. Reduce monthly installment or reduce the loan term. I always go for the reduced loan term.

Yes transferring money to the loan account and not tell the bank is pointless but if you call and inform them what to do with the money, then it will work in your advantage. I do not agree with your friend’s advice, you have to inform the bank then they will put it to good use and save on interest.

[kggradwell]

I think when u pay deposit u reduce the actual amount so when they calculate Monthly fee they calculate reduced 1 unlike the way way u did

[MissKSA]

On the point of paying your saved deposit later. The advice clearly does not make sense. Interest is calculated on the principal amount therefore, borrowing less is the way to go because the interest will be reduced. So, negotiate the best interest and then let them recalculate after having considered your deposit and you will see the savings when you compare the two. You can't put a deposit later when the interest has already accumulated that's a losing game. Reduce the loan amount and fight to get the lowest interest possible. I am happy in the end you mention that paying a deposit will work in one's favour.

[tondi]

Xongi😍😍, I'm loving this. You really educating a lot of us. Keep them coming💃. Thank you, thank you, thank you 👏👏👏👏

[nkhumelenimudubu]

If you buying a car worth R200k and deposit R40k that means you will be taking a loan of R160k if i am right

[EvidenceSello]

R8800 is a lot of money... I think the problem is that we don't see it over a period of 72 months...

[carrie]

Okay but can we talk about how gorgeous look

[danutavram]

I will never ever pay a deposit for the car !! until i pick up the car !!

[LifeWithNyeleti]

"Hi Dear, We don't do that" 😂

[Richwd]

She talk way to much just get to the point and you would get more views.

[LifeWithNyeleti]

I think investing my 20k..over 72hrs would have generated more interests...

[EvidenceSello]

OMG, what??? wait so what happened to the 20k you put in?