Step-By-Step Guide to Buying a Car
Buying a new car is exciting, whether you’re a first-time buyer or trading in for an upgrade. However, buying a car is a big decision which shouldn’t be made impulsively. In fact, apart from your home, it may be one of the biggest purchases you make in your lifetime.
It’s important to budget properly so your car isn’t a strain on your monthly budget.
Know what you can afford
Start by finding out exactly what you can afford. Remember to take into consideration insurance and registration costs.
Find a vehicle
Next comes the fun part – shopping for a car. Don’t limit yourself to one brand and make sure you take the car for a test drive.
Apply for finance
Once you’ve chosen your vehicle, be sure that you understand all the available options, so that you can choose the option that suits you.
In order to submit an application, you will need to be:
- be 18 years old or older
- be permanently employed, earning a minimum salary of R6500 pm
- have a valid South African drivers’ licence with no endorsements
- be a South African citizen or permanent resident; and
- have a good credit history.
Documents you’ll need to complete your application
- A copy of your valid South African identity card/document
- A copy of the front and back of your South African drivers’ licence
- Proof of your income, not older than 3 months
- Salaried individuals – latest 3 months payslips
- Commission earners – Latest 3 months payslips and latest 3 months’ stamped bank statements. No internet bank statements will be accepted.
- Proof of residence, such as a utility bill, not older than 3 months