Car Instalment Breakdown - Benefits of a deposit and Extra payments to your car loan

What happens if you pay extra on your car loan.

[itumelenggaoganediwe]

Wrong, interest is not a constant at R2k. As your loan maturate the interest portion narrows.

Great content. Last year I bought my Polo Tsi Comfortline DSG R-Line. I pade 55% deposit and the sales person was against it and I persisted. Then from month one I paid 12 000 towards my car whereas the Instalment was R3769, 84. Started getting interest rebates which was super 😎. November I paid off my car and am the happiest girl on earth. I cruise on my R-Line with zero stress

[MoSpaceDig]

Good info here Vusi. Can I suggest a few more topics you can cover:

1) Car and price recommendations for people in different life stages (e.g. 20-30 years old; 30-45 years old; 45-60 years old). As well as if they consider new, demo, or preowned.

2) Budgeting for a car loan in different economic situations/environments (e.g. high interest rate and high inflation vs low interest rate and moderate inflation)

3) Practical servicing and modification tips (e.g. replacing tires to more economical brands or types or changing car fluids and what are the brands for things like oil)

4) When and why you should take out an extended motor plan? What are the costs and the benefits?

5) How insurance works and what are the different types (e.g. full motor insurance, dent insurance, wheel insurance etc)?

Keep up the good work 👍🏾

[jaymaster]

Free advice: For young professionals like engineers, doctors and accountants the banks usually offer a private account sometimes called professionals account with the benefit of always getting an interest rate of prime minus 2% for car finance with no credit record required. You just need to apply for it.

[jeffryan]

I wish when i was 23 years old someone told me how this brand BMW loses value fast. 2020 bought the m3 cs with all the optional extras retail price was 2.6M bought it with 122 km on the clock. I used the car for like 2 months and that time it had 3200 km. i wanted to change it because it was not that powerful and the interior i was over it. I went to sell my car and its value was 1.4M, i was very shocked . I went to 5 different dealers all of them were not offering anything more than 1.8M. Long story short my plan was to pay the car in 3 years and the monthly deposit would be R35 000 with total interest being 140k. I was fed up within 2 weeks i paid up all of that money but funny part is even if you pay before duration of loan you pay full amount of interest. Before buying bmw think about it very well. I have a friend who also bought the G80 M3 and sold it after it drastically lost value.

By the way all the best with whatever you doing in life. Never impress people who don’t care about your life /success with things that will be a burden to you. 🙏

[pvcegd]

i don't have a car but i feel really informed and prepared thank u

[BenjaminMalatji]

I appreciate guys like you who takes interest in teaching others what you believe it's important.

[thembimsani]

Thank you so much Muzi for opening my eyes . August I was planning to buy a car with zero deposit but I’m no longer going to the garage . Let me keep on saving up until I have 230k as a deposit of my car . Thank you so much for this fruitful information

[vuyisananitshika]

Very insightful car information in a Mzansi Contexts. Bravo Muzi you doing this thing effortlessly. Keep it up.

[mitchmona]

You are so so entertaining bro🤣🤣🤣... I love your energy

[Kamthembu]

Thank you so much I have just started to pay extra this month and I didn't know i was suppose to tell the bank to either reduce installment or reduce loan term. thank you so much I will do on Monday

[ituleo]

Thank u Prof, I’m learning a lot now I’m ready to buy G63 😜😜. Thank you for this wonderful content….

[nhlanhla.vchili]

I think reducing the monthly installment is good, it makes your budget to breath and you can even increase those extra payments.

[yenalowemgodi]

🎈🎈🎈🎈💯

These are for your Birthday bro. Have many blessed ones with lots of money to get that G20 and many more subscribers to learn from your content!

🚀

[moonwalk]

I didn't hear a thing you said I was too in love with the Mzansi Edition😍😍😍

[SKIKR]

Strong honest truth!! Well done on this content, its much needed. I wish you the best on your property endeavors and have fun chasing the dream, may it come to pass. Congrats doc.

[kopanokgomotso]

You are genius🤣🤣 love your shade and content 🔥🔥

[mcn_zn]

😭Not me getting excited thinking you were gonna tell us you finally bought the BMW

[skomenphakathi]

Thank you for the information Muzi 🙏 I'm starting my own channel all thanks to you.

[anthonymbele]

Your videos are informative with no suger coating great job bro thats what consumers want