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R100 000 car for R1 500 pm

2004-01-09 10:21

"Our finance figures for the month of December indicated that the market has started to react positively to the low interest cycle, which has been further assisted by manufacturers containing price increases and in some cases even lowering them," he says.

"This is a very positive buyers market, for both new and used vehicles," adds Keith McIvor, general manager of the vehicle finance division.

"A R100 000 vehicle, financed at a current prime interest rate of 11.5% over 54 months with 10% deposit (typical for a private buyer) will cost you just over R2 100 per month.

"Looking at a lease agreement, with 10% deposit over 60 months with a 40% residual value, also at 11.5% interest, you are now only in for R1 500 per month.

More rate cuts?

"Forecasts are that we might even see another rate reduction in the first quarter of the year. If you are however a little uncertain of future rate movements, you may also opt to fix your rate for the full term, which some of our Absa customers are opting to do."

He says obtaining vehicle finance has really been made simple by a variety of channels which Absa offers.

"You may opt to go online at www.absa.co.za, where a live application form may be completed.

"Should you prefer to use your phone, Absa will gladly handle the transaction in this manner. Just call 0860 669 669.

"We also offer instant settlement quotations and our customers may also change or update any account details or debit orders live over the phone.

"Within the Absa network, we have over 600 branches which are equipped to assist with your finance application. Should you wish to take advantage of getting your finance in place, these options are readily available to you.

"We also deal with over 2 800 approved motor dealers, where Absa vehicle finance may be easily arranged.

"At the top end of the market, existing Absa Platinum customers may now benefit from a unique offer which we have created, called Platinum Drive. Distinct benefits have been packaged into this offer. Details are available from the appointed relationship managers at the branch.

"Looking at the diverse range of models which are now available in SA, plus some more exciting new entrants on the horizon, this is certainly the time for that new vehicle," he says.


Deals on Wheels

2003-10-13 11:57

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