After considering various aspects, deciding which car to purchase is maybe one of the most exciting experiences.
Questions to ask when deciding which vehicle to buy may include what the car’s primary purpose is likely to be: is it for frequent off-roading, mostly city driving, or a combination of both purposes?
Considerations such as fuel consumption, vehicle safety features, and carbon emissions may also factor into your list of priorities. Customers are encouraged to decide based on their needs and budget. Here are a few helpful tips customers can consider when buying a vehicle:
Vehicle preference and test drive arrangement: Once the customer has identified a few cars that might fit their needs and budget, test driving the vehicle is often the next step. Customers usually want to get a feel of the car and its performance in a city setting and on the open road. Once customers decide, they can directly approach their bank for financing.
New versus pre-owned decision and affordability: Can the budget cater to a new or used vehicle? A used vehicle might be an option. This decision has advantages and disadvantages; customers must take the time to weigh their options carefully and ask questions from reputable dealerships backed up with research. Factors to consider here are mileage on the vehicle, its maintenance and service history, the expiry date of the existing service plan, the number and nature of incidents the car was involved in, and how many previous owners any vehicle has had. Often, depending on the needs of the prospective owner, used vehicles are a reasonable consideration.
Research: The Internet is an excellent resource for researching the specifications of a vehicle. Customers often use this research to specify the makeup of their desired vehicle to get quotes from a dealership. At this point, customers should consider the instalment and insurance price on the article and maintenance cost of the car before committing to making the offer to purchase.
Budget and financing: Finances when purchasing a vehicle are considered realistically. Buying a car is a long-term decision, and there is more than just the purchase price to consider. There are vehicle annual licensing fees, maintenance, insurance, fuel, repairs, parking, and wear-and-tear items such as brakes and tyres expenses to consider that do not fall under service plans or the vehicle’s warranty. The Bank Windhoek Vehicle Finance Calculator, available on the Bank’s website, is a great way to calculate and project the car’s monthly instalment payments. Once done, a customer can weigh it against their budget, but they should note that this only indicates an instalment, and not all costs are included. Bank Windhoek can assist customers in calculating a pre-qualification amount according to the Bank’s policies and determine repayment ability.
Savings considerations: Customers are advised to keep a separate savings account for expenses not covered by a service plan or parts guarantee. Bank Windhoek’s Selekt Gold offering has a unique feature: the “My Savings” aspect. It allows customers to have as many complementary SelektSaver Accounts as they like linked to their Selekt Gold Account. When budgeting, customers can transfer monthly vehicle savings from their Selekt Gold Account to the SelektSaver Account via the Bank Windhoek Mobile App at no extra cost.
The deal is nearly done after completing the research, assessing affordability, and approving tailor-made financing for their vehicle. After this, customers should focus on carefully reading their contracts to understand the terms and conditions of any financing agreement, service, and warranty agreements and to ask questions.
Once the customer is empowered and comfortable with all the required information, they can drive off in the vehicle of their dreams.
* Cameron Klassen is Bank Windhoek’s Vehicle and Asset Finance Branch, Senior Sales Advisor.