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  • Guide to Buying Your First Car and Financing it in South Africa
    Uploaded 1 week ago

    Guide to Buying Your First Car and Financing it in South Africa

  • Hyundai Grand i10: Champion Choice for SA Students
    Uploaded 23 hours ago

    Hyundai Grand i10: Champion Choice for SA Students

  • Car trade-in tips
    Uploaded 3 days ago

    Car trade-in tips

  • The importance of a good credit rating
    Uploaded 3 days ago

    The importance of a good credit rating

  • Driving during load shedding
    Uploaded 3 days ago

    Driving during load shedding

  • Does cruise control save you fuel?
    Uploaded 3 days ago

    Does cruise control save you fuel?

Guide to Buying Your First Car and Financing it in South Africa

Uploaded 1 week ago

Guide to Buying Your First Car and Financing it in South Africa

Guide to Buying Your First Car and Financing it in South Africa

Your credit record refers to your entire credit history, including all the credit transactions you have ever concluded with a registered financial services provider.

Buying a car, especially your first car is an awesome experience. In addition to being a status symbol for many South Africans a reliable car is a vital mobility tool in South Africa, where public transport is very often erratic and unsafe.

This makes owning a car a necessity for many South Africans, from students to those starting a career as well as anybody who needs to travel to work or transport their children to school. Buying a car is a significant financial commitment and one of the biggest purchases that people will ever make, which is why most South Africans will rely on the services of a financial services provider to finance their vehicle.

Banks and financial service providers use a variety of methods to determine whether individuals qualify for vehicle financing assistance. These methods are based on risk and affordability and an individual’s credit record and credit score are one of the most popular barometers of these factors.

Your credit record refers to your entire credit history, including all the credit transactions you have ever concluded with a registered financial services provider.

Your credit score is affected by your credit record and your reliability when it comes to paying back loans on time.

These two factors will be used by banks to determine how much credit you can be given and the related interest rate that will be charged.

Establishing a credit record or credit score can only be done by applying for credit. One of the most popular ways of starting out on this journey is via an account at a retail store. However, poor finance management can very easily see this account turn into a source of bad credit and do more harm than good for those looking to establish a good credit score.

Establishing a relationship with a financial institution is always a good starting point and the opening of a credit card can be a useful first step towards establishing a credit record. Credit cards allow you to buy now and pay later and when used responsibly by meeting the required monthly payments, a credit card can be a useful tool in building a positive credit record.

Once established, there are a number of ways to maintain your credit score or improve it. These include paying on time every month, as even paying a few days late can have an effect on your credit score. Reducing the amount you owe is a great way to improve your credit score and that is best done by paying off the loans with the highest interest rate first. Where possible avoid revolving debt such as credit cards and avoid applying for unnecessary additional loans or extra credit cards as this could lower your credit score.

Remember that outstanding debt will stay on your record, so if an account is overdue it will negatively affect your score and making some payments or paying it off won’t clear your credit record but will improve it. Information about your payment profile can stay on your record for up to five years.

When thinking about buying a car it is important to be honest with yourself and only shop for a car that suits your needs and budget. Saving up for a deposit will also assist greatly in reducing your monthly premiums and getting finance approval.

A well-managed vehicle loan agreement will also count as a valuable reference in future when you need to finance other big-ticket items like a new car or a house so it is best to buy what you can afford rather than over extend yourself and end up in a bad credit situation.

When calculating your monthly budget, it is important to keep other running costs associated with owning a car in mind. Apart from the monthly repayments you will need to budget for insurance, fuel and maintenance.

Car finance calculators are a great way of finding out exactly how much a particular car will cost on a monthly basis allowing shoppers to refine their search to cars that meet their budget.

Uploaded 23 hours ago

Hyundai Grand i10: Champion Choice for SA Students

Hyundai Grand i10: Champion Choice for SA Students

It seems that most of us are after high-quality, reliable, and affordable cars these days. None more so than university students, who are already on a budget. Luckily, there are several nimble-sized hatchbacks to match your budget and lifestyle. 

But if you are looking for authentic value, superb engineering, and head-turning style, the Hyundai pre-owned Grand i10 range is yours for the picking. 

Shopping Specifications 

The latest generation of Grand i10s comes in an extensive five-variant range. The engines vary between 1.0L and 1.2L petrol. The distinctive trim lines differ from Fluid to Motion—all available in manual or automated transmission. 

One of the reasons that the Grand i10 continues to appeal to university students is it’s modern interior with good-looking exteriors at a low price. It’s ideal for go-getters looking for sufficient space to carry their textbooks and weekly groceries.

Performance Picking 

Torque speeds start at a reasonable 153 km/h and go up to an expected 167 km/h, depending on the model. Additionally, there is the impressively low average fuel economy rate of 5.5 litres per 100 km, which rivals the best in the market. Note that the three-cylinder and four-cylinder engines are not ideal contenders if fuel economy is a priority to you. 

For students who are always on the move between campuses or need a car to explore the city during their weekends, you need a car that is light on fuel and quick on its feet. The Grand i10 is economical, making it a pocket-friendly vehicle for all your driving needs. 

Catering Convenience

The Grand i10 stands apart from bare, cheap, compact hatchbacks with a suite of convenient systems that make it a bargain for the price. There are courtesy lights, from the cabin to the cargo area, and a door alert. The rear park camera and park assist features are standard across the latest generation. 

Besides convenience, Hyudai has always prioritised safety, and the Grand i10 is no exception. It is a remarkably sturdy build with a number of safety features, such as standard airbags and side impact protection beams, to give you peace of mind no matter the journey. 

The elite Hyundai pre-owned range, exclusive to Motus Select, offers you practicality, efficiency, and affordability, making the Grand i10 perfectly suitable for South African students like you.

Uploaded 3 days ago

Car trade-in tips

Car trade-in tips

When the time finally comes to upgrade, you suddenly ask yourself - what is my car worth? And have I done enough over the past years to maintain the value?

Saying goodbye is never easy, and for some this rings true even when saying goodbye to a car.

After all, you and your car have made many memories together. First dates, road trips, dropping the kids off for their first day of school and many hours of just you and your car in traffic.

When the time finally comes to upgrade, you suddenly ask yourself - what is my car worth? And have I done enough over the past years to maintain the value?

Car depreciation happens quickly. It has been said that the second you drive your car off the dealers’ floor, your vehicle loses some of its value.

Upkeep is a huge factor in determining car trade-in value and keeping your car in good condition can be the difference between getting a good trade-in value or not.

 

8 main factors that will affect the price offered for your vehicle:

  • Popularity of vehicle make and model
  • Year of first registration
  • Mileage (an average mileage of 25 000kms per year is most acceptable)
  • Vehicle condition
  • Warranty, maintenance and/or service plans
  • Service history
  • Any additional accessories or non-standard specifications
  • Exterior colour of the car may also play a role

 

Tip: Regular maintenance is a must, not only to provide reliability for you, but also to increase resale value in the future. Follow your manufacturers’ recommended maintenance schedule including oil and filter changes. Be sure to keep all maintenance records, no matter how minor, and have them handy when selling a car to show how well you took care of it over time.

 

So, the mechanics are looked after – but the appearance of the car is of great importance too!

Tip: Starting with the exterior - a ding or dent may not seem like a big deal to you but can easily influence the trade-in value. It is also best to park in a garage out of the elements whenever possible. Before trading in your vehicle, have it professionally washed and take care of all dings and dents, as well as any other exterior issues which can diminish resale value.

 

Tip: Look after the interior too. Limit eating and drinking in your car – and clean up any spills as soon as they happen. Give the interior a good clean at least once a month. Before trading in your car, try to restore the interior of your vehicle to appear as like-new as possible. There are several great products and services that specialise in odour removal.

 

When purchasing a new car, evaluate car option selections. Car buyers are interested in options that make their lives easier and provide safety and comfort. Not all car options are created equally, so consider adding options that are proven to have a positive influence on resale or trade-in value. Buyers want: automatic transmission, power windows, power locks, anti-lock brakes, cruise control, remote start, leather seats (if taken care of, properly) entertainment, and navigation systems.  

 

Here is what you will need to provide the inspecting dealer when getting your car valued for trade-in:             

  • The valuator will ask you what price you are expecting for your car
  • RSA identity document or valid driver’s license
  • A ‘bank paid in full letter’ to prove that the car has been paid in full or the finance settlement letter to confirm the outstanding financed amount
  •  If the car was bought cash, you will need to provide the original invoice indicating a cash purchase and the original NaTIS
  • Proof of residential address
  • Service handbook to prove service history (if available)
  • Both sets of car keys (if available)
  • Any extra items relating to your car e.g. tracking devices

 

You may not get the final offer for your car immediately, as the dealer may need more time to find the fairest price in the market.  Rest assured, in line with data policies, your personal information will not be shared with other parties

 

Uploaded 3 days ago

The importance of a good credit rating

The importance of a good credit rating

A good credit score will mean that you are more likely to get a better deal on a bank loan. A poor credit score will indicate to the financing institution that you are a potentially high-risk customer.

When applying for financing to purchase an expensive item like a car, one of the first things that the finance provider will check is the status of your credit score. Your credit score is determined by your credit history as well as your ability to pay back loans on time. Your credit rating will affect the amount of credit a finance house will lend you as well as the interest rate you will be offered on that repayment loan. 

If you are a recent graduate that is entering the working world, a new or used car will be a priority in becoming mobile and starting your career. However, you will have no credit history if you have never applied for finance, had a credit card or retail store account. While living debt free, especially in the current economic climate is a good idea, it can negatively impact on your credit score.

A good credit score will mean that you are more likely to get a better deal on a bank loan. A poor credit score will indicate to the financing institution that you are a potentially high-risk customer. If your loan is even approved this may result in them offering you a higher than average interest rate or a limited loan amount.

If your first loan application is not succesful, it is a good idea to review how you are spending your money before applying for another loan.

You could also ask why your loan was turned down and this could help you prepare better for future applications.

 A loan refusal could be budget related, meaning that you don’t have enough free cash after honouring your monthly commitments or you might not be able to afford the car you want right now, according to your income.

When doing these calculations it is important to remember that your car payment should not take up all your disposable income as there are also other costs when it comes to vehicle ownership such as insurance, fuel and maintenance that need to be budgeted for.

Online finance calculators like the one provided on motus.cars will assist you in calculating what price range of vehicle you are able to afford with your current salary and monthly commitments.

Improving your credit rating

A great way to improve your credit score is to close accounts that are not essential and only apply for credit when you are looking to buy a car or a house.

Always pay your bills on time and pay atleast the minimum amount owing, this goes for all your accounts including rent, rates and taxes and your cellphone.

If you do have a retail store account or credit card, these accounts can be used to make small purchases. But it is important to repay atleast the minimum amount owing on each of these cards at the end of each month. A credit card can help you build credit if you use it responsibly as it gives you the ability to buy now and pay later, which is a great way for you to showcase how you manage your debt versus income within your budget.

Opening a bank account and managing it effectively, will also count towards establishing a good credit history.

Credit is needed to build credit but it takes time. For example making several credit applications in a short period of time might do more harm than good, as it could appear that you are taking on too much debt.

 

 

Uploaded 3 days ago

Driving during load shedding

Driving during load shedding

Load shedding has a major effect on traffic and traffic flow with traffic lights out of order for long periods of time and streets dark without any streetlights, leading to an increased number of road traffic accidents.

South Africa is currently experiencing one of the worst bouts of load shedding, which at times sees areas without electricity for as much as six hours.

Load shedding has a major effect on traffic and traffic flow with traffic lights out of order for long periods of time and streets dark without any streetlights, leading to an increased number of road traffic accidents. It is advisable that motorists plan their routes and drive with extra caution during these periods.

Various apps provide up to date information on the load shedding schedules for various areas. These apps can be helpful in being prepared with the knowledge of how load shedding will affect your commute to and from work. Attempt to avoid areas with outages during your travel or plan your travelling schedule by taking load shedding into account.

If you know you will be encountering load shedding on your route, give yourself extra time to complete the journey. This will alleviate any stress associated with running late for work or your next appointment.

Intersections should be treated as four way stops. This does not always happen making it necessary to double check every path that you are crossing before proceeding. Be aware of when it is your turn to go but avoid sneaking across behind the car in front of you as this delays things for other motorists.

Never drive in the yellow lane when waiting in congestion at a traffic light. Apart from the fact that it is against the law it worsens traffic flow further down the road for other motorists, makes it dangerous to re-enter traffic and will certainly anger fellow motorists.

When driving at night, especially in suburbs where street lights are not working it is important to reduce your speed and be extra alert for pedestrians and cyclists who can become almost invisible in the complete darkness.

In many cases criminals will also target areas affected by load shedding. It is important to be extra vigilant in traffic and when arriving home. Keep all valuables, such as handbags and cell phones out of sight and make sure that it is safe to enter before turning into your driveway. If you feel unsure, rather drive around the block and take a second look.

Be prepared for arriving at your destination. It is very possible that you might arrive home in the dark. Keep a small torch with you, which will make tasks like unlocking your gate, garage, or front door much easier.

Uploaded 3 days ago

Does cruise control save you fuel?

Does cruise control save you fuel?

With many South Africans getting ready to hit the road to holiday destinations around the country it is important to bear in mind that certain technologies designed to make the lives of drivers easier, could actually cause motorists to use more fuel. 

The price of both petrol and diesel remains at an all time high and as we head into the festive season many motorists will be looking at ways of saving fuel. 

With many South Africans getting ready to hit the road to holiday destinations around the country it is important to bear in mind that certain technologies designed to make the lives of drivers easier, could actually cause motorists to use more fuel. One such technology is cruise control.  

Most vehicles these days are fitted with cruise control, either in the conventional sense where the system merely maintains a set speed or more advanced systems that utilise radar or camera systems to maintain speed and distance within certain parameters. These systems are great for easing the driver workload and allowing drivers to maintain a constant speed over long distances while also ensuring that one doesn't inadvertently creep over the speed limit, but the way they maintain speed is not always the best for the vehicles fuel consumption. 

While maintaining a constant speed and not accelerating or decelerating unnecessarily, which cruise control does, is great for optimising fuel consumption, this is only the case when driving on a constant flat surface. However, on inclines, cruise control is slower than a driver to react and can over compensate by increasing engine speed or dropping a gear unnecessarily. For example, when a fuel-efficient driver reaches the top of a hill, they will decrease the pressure on the accelerator much faster than what cruise control can sense a change in the gradient. 

When traversing undulating terrain an experienced driver will let the car increase speed slightly on a downhill in order to carry momentum when they reach the uphill, with no change of the accelerator position. In the same situation cruise control will apply the brakes to slow the car on the downhill and will then have to accelerate to maintain that same speed on the uphill, resulting in more fuel used. 

In addition, if cruise control, and especially radar based systems are used in moderate traffic they will constantly adjust the speed, sometimes erratically, which is also not good for your overall fuel consumption figure. 

When travelling long distances and it is necessary to constantly adjust your speed due to road conditions, elevation changes or traffic, driver anticipation and the correct following distances will likely yield a bigger saving than relying on cruise control.  

On the flip side, when tackling those long flat stretches through the Karoo, cruise control will do a great job of ensuring a constant speed is maintained. Cruise control certainly has its place but before deciding to use it, assess the driving conditions carefully if fuel consumption is your number one priority. 

 

 

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