Car Balloon Payment | Already have one? | Let’s get you out of it!

If you already bought a car with balloon payment attached to it, this video will give you options on what to do to rectify that “financial mistake”. Please share the video

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[thepausearea]

Remember there is a three month notice before moving your vehicle finance to another bank so that you don’t have to pay cancellation fees and the initiation fee of about R5700 when you move your loan to another bank.

[AyandaNgcobo-sf]

Thank you so much u the the 1st to explain this loud and clear❤

[bros_tv]

Informative, most people they just tell us about how bad it is and forgetting how to get out of it. Thank you

[debbibun]

I had a balloon payment but i paid it off by increasing my monthly repayment and paying extra when i get money. When i paid off my car i was done with balloon payment already

[itumelengmothopeng]

Great Work Lindiwe. Loved the informative video, short and straight to the point. Visuals have also improved immensely, love it! 💯

[emaransat]

Thank you for this information. I have been wanting to buy a new car but have been reluctant because I don't want to kill my cashflow and it was a no no in taking a balloon. This video is making me reconsider.

[katlegonkwane]

Extremely informative video. This is great content indeed. I'd like to know how does paying balloon payments on the side affect the interest and repayment terms. Does it make more sense to ask the bank to recalculate my terms with the extra cash I have or simply focus on chomping away at that balloon. Will I see immediate differences in interest with either option?

[ministerholiday]

Thank you, I am Calling my Bank today so they can include my Balloon in my instalment

[afrikaservices]

I was also very skeptical about the ballon payment
I had saved up 30k for my deposit but I still took the ballon payment either way i just told myself that I would start paying for my ballon payment a year after I purchased my car

[elpecemusiq]

So what I did was to take Balloon to save on Interest of the bank.

I calculated what I should be paying per month if I want to pay the balloon with so I'm paying more than what interest balance requires.

This means that I'll finish paying the interest based balance earlier and save money interest and pay the rest of the Balloon Amount at a low amount because it is not subject to interest for the remaining months.

[CuanPrince]

A balloon payment does not always mean you can't afford the car, there are variables like with anything.

[octaviomsimango]

Hi... So for the balloon payment, do I suggest it to the dealership when filling in the forms or does the bank suggest to take a balloon payment

[dennissegobola]

I recently settled my car which I had bought brand new with balloon payment . I requested the bank to send me a settlement quote when I was left with 6 months to payoff the car. I had since settled the car as per the quoted amount and the bank has sent me original documents to change ownership. My question is, can the bank still send me original documents if the balloon is outstanding or could it be that settlement amount the bank gave me included the balloon?

[entledotye]

Great explanation 🤍. I don’t have a car yet and I was wondering what a balloon payment means and how one can pay it off should they ever be in that situation