Be a salaried person with permanent employment, earning a minimum wage of R6500pm. Have a valid South African driver's license without endorsements. Be a South African citizen or permanent resident; and. Vehicle manufacturer Suzuki has published a guide on how much it costs to buy a car in South Africa, based on different salary thresholds.
While the 25 percent principle is a good rule of thumb, financial institutions still typically have their own minimum requirements for various funding plans. Get pre-approved for your next car finance so you can go and buy your wheels with confidence. The calculations were made using Wesbank's rebate calculator and include the assumption of a 0% deposit for car financing. With this bank you can buy a second-hand car from R40,000 to a maximum of R250,000 and you can reimburse it from 6 months to 72 months.
In addition, we explain how to know the approximate amounts you would pay and how to know if you qualify for an auto loan. There is no set minimum wage requirement to qualify to finance your car in South Africa, but rather it is about disposable income and other minimum requirements. If you're looking for a decent, affordable car that's no older than five, that means playing in relatively high-mileage territory. Therefore, it's easy to see why lenders in South Africa may not set a minimum wage to qualify for car finance; instead, many will determine your eligibility for a loan based on your personal circumstances.
Global payments can help reduce current repayments on your auto loans, but it's important to understand the costs. The group noted that the general rule is that you should not spend more than a quarter (25%) of your monthly income on vehicle-related costs. You may need to show some type of savings, proof of income, or advance a large down payment at the dealership. Therefore, it is very clear that there are a number of factors besides your minimum wage that are important to consider when budgeting for a car purchase, even if you are making use of a financing option.
Remember to consider all charges and taxes, including the cost of the vehicle, when determining how much you can spend on a car.