Graduates – Use Our Vehicle Finance Calculator To See If You Can Afford A Used Car

Feb 2021

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You have graduated and it’s time to venture alone into the big wild world. The number one thing that’s going to make your life a whole lot easier is a CAR! Yes, a car. Far more important than the sneakers or the self-discovery trip to Asia. You need a car.
Here are just some of the things you’re going to need a car for now that varsity is done:

  • Interviews: Why did you go to university? To get a great job. There is only one way that is going to happen, and that is interviewing. Using public transport or Uber to get to your interviews is expensive! It will be much wiser to spend that money on your monthly car instalments. Hopefully, this will lead to an internship and a job, in which case you’ll be driving to work daily.
  • Staying social: You’re no longer on campus and life is very different now that you’re back home or seeing your friends less frequently. Working life is unavoidably going to make it impossible to see your friends every day, but it’s important for your mental health that you make time for them in the evening or on weekends. When you’re in your twenties, it’s a pretty low feeling having to ask one of your parents for a lift to your friend’s place.
  • Groceries: You’re expected to help more around the house now that you’re technically an adult. Plus, while you were studying, you probably picked up a thing or two and discovered your favourite meal or snack. You need to be able to do your part and contribute where you can, and a major part of that is going out to buy groceries.

We know that you have JUST graduated from university and the idea of financing a car at this point in your life sounds impossible. Well, it’s not. Certain institutions and dealerships have made it easier than ever for graduates to finance their first car, and we have all the information you need!
Here are a few general tips for graduate car finance:
You must buy used
Buying a brand-new car on a graduate budget is just not viable, nor is it a worthy investment. If you didn’t study finance, here’s a quick explanation on depreciations: losing value over time. BUT this is especially relevant to new cars, because new cars depreciate significantly the second they leave a showroom floor. This means that although your new car has just lost a large part of its value (which means you cannot resell it for the same price), you still re-pay the high price of the new car, plus interest. When it comes to buying second-hand, you are often able to pick up recent car models for way less than the original price. This usually works out as a much better investment in the long run.
Buy from a dealership, rather than a private seller
Buying a car privately and directly from the owner can go one of two ways: very well (you get a good car for a good price), or extremely bad (you get a pile of scrap metal for what you thought was a good price).
By buying your second-hand car through a reputable dealership, such as Citton Cars, you’ll have more protection in terms of the laws and options to purchase extended warranties.
Citton Cars’ website clearly outlines each used car’s condition, including an overview and features. Included is an interactive vehicle finance calculator which introduces the cost of the vehicle, variables for the down payment, annual interest rate, and the loan term in years.
Our vehicle finance calculator makes it super easy for you to calculate your monthly instalment. Simply add the Cost of Vehicle, Down Payment (if you have cash available) and Term of Loan in Years and voilà! your payment is calculated.
Our vehicle finance calculator divides the total price of your car by the number of months you insert to pay the vehicle off whilst taking the interest rate into account. The longer the period you choose, the lower your monthly premium will be. If you choose a shorter repayment period, you’ll save on interest charges.
A vehicle finance calculator helps you to take an honest look at your budget and decide whether you can comfortably afford your new, albeit pre-owned, set of wheels.
Once you’ve made your calculations and you are happy that you’ll be able to afford the monthly down payments, click on the red “Apply for Vehicle Finance” button. Here you will have a short form to complete, including your personal details, vehicle details and any comments or queries you may have.
Citton Cars is a reputable, WesBank-approved dealership based in Pretoria. The documents you need to apply for your graduate car finance include:

  • proof of residence;
  • copy of your ID; and
  • a copy of your license.

Don’t worry if you don’t have any credit history – we’ll take you through the whole process.
Having your own car will help you make the most of your early adulthood and twenties – which we’ve been told is the prime of our lives. Your first car is going to be the love of your life and you will create so many memories in it. Treat it well, don’t drink and drive, and give it a fitting name!
We wish you the best of luck with financing your first car, graduate!