Answer
Nov 28, 2021 - 10:59 PM
Hi there
Car finance providers generally require you to show a steady income for at least 6 months, especially from first-time buyers without collateral (deposit or a car to trade in). The finance agreement's instalment will be capped at a maximum of 30% of your gross income, although, without a good credit rating or with a new job, that may drop as low as 20%).
But, assuming that you can afford instalments of R 2700/month but cannot put down a deposit at all, and assuming an interest rate of 11%, that would mean a car with a list price of around R 145 000. Unfortunately, you can't get a new car for that money, unless there's a manufacturer's special offer to get rid of old stock before the year's end. You can however choose from a nice selection of low-mileage used cars that will serve you well, such as these examples we found right here on AutoTrader. We recommend a Hyundai Atos in this price bracket, because of its great warranty and suitability for first-time car owners.
Hope this helps!
The AskAutoTrader Team
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