Buying of a car is different from buying simple items such as calculator or electric device. One thing for sure before you can plan on buying a car as a learner who is still in high school you should be at least 18 years of age. Most importantly, you should be having reliable source of income which can be shown on bank statement either from Capitec bank or any other bank which exists in the country. Normally what the bank does is to check if you qualify for the car that you want to purchase and also check credit records together with credit score to verify if you can be able to pay for the monthly instalments of the car until end of the period of paying the car.
In most cases, it could be expensive to buy a vehicle when you’re a high school learner considering that you need to focus on studies and not be distracted by the challenges which comes with having a car. Remember, having a car will mean insurance companies such a Auto & general, discovery car insurances or Out Surance, it could be any other car insurance company may need to quote on on ensuring the car which may be very much expensive. Car insurance premiums are expensive especially when you’re a first time car buyer because you’re considered to be risky in a sense that you haven’t owned a car before or you do not have driving experience.
Also, in case you do not have collateral nor investments to secure the loan which you may be offered by the bank, it becomes even more difficult to be granted a loan by the bank to purchase the car of your dreams. You can apply at FNB bank or ABSA bank to check if you qualify for a loan to purchase a vehicle but most importantly you must meet the minimum requirements used by their system to determine if you indeed qualify to get a loan from the bank to purchase a car.
At this stage I assume as a leaner you may qualify to purchase a vehicle and it all depends on multiple factors and most importantly your financial status and remember that having driver’s license is also an important requirement. When buying a vehicle cash is less complicated as compared to when buying a car through the bank. You may possibly inherit funds from your parents and have enough cash to purchase a car cash which will make the process less complicated but still will mean some minimum requirements will still be considered before the car dealer can sell you the car of your choice.
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