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Now's the time to buy - Absa

2003-08-21 11:22

"If there is one piece of advice I could give, it would be to purchase your next vehicle as soon as possible," he says.

The reasons are as follows:

  • A 1.5% point reduction in the prime interest rate was announced earlier this year with another 1% in mid August, and there is further talk of another reduction later this year.

    This means that a vehicle costing R100 000 may now be financed for around R2 406 per month (60 months, no deposit, 15.5% interest).

    This is about R100 per month less than it would have been at the old prime rate. And with the further rate reduction this month, this will save you another R90-100 per month - add this up over 54 or 60 months.

  • Looking at the motor market, it is saturated with a multitude of special offers.

    Television adverts, radio spots as well as newspaper ads have a variety of specials.

    In order for any "special" offer to be realised, says Absa, the vehicle's prices must in some way or another have been reduced.

  • In the pre-owned market, where Absa's vehicle finance division is responsible for financing almost 50% of all used vehicles, the trend clearly indicates that pre-owned dealers are becoming extremely professional in both their service and the manner in which deals are structured.

    If a customer has excess funds in the trade-in this is often transferred to the next car, thus reducing the price and assisting with affordability, which allows Absa to approve the deal easier.


    "Certain of Absa's approved pre-owned dealers offer a warranty to protect their customers. The quality of the pre-owned vehicle has certainly improved and this makes it an attractive alternative to a new car and with a cheaper price tag," says Mageza.

    "Now that Bankfin has been integrated into Absa, we are perfectly positioned to make life easier for customers wanting to buy a car."

    Finance can be obtained at any of 600 Absa branches country wide or online at www.absa.co.za. A new channel for Absa is "finance by phone".

    "Absa has a fully operational call centre which is equipped to offer clients a complete finance solution, just call Absa on 0860 669 669. We give our clients the choice," says Mageza.

    "Vehicle sales should show a steady increase for the remainder of this year and we look forward to further rate cuts from the Reserve Bank. Absa is now fully positioned to offer clients holistic vehicle and asset finance."


    Absa gets into car finance

    2003-08-21 10:54

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