Never had it on my first car and I just finished paying it off. I’m going to take a balloon payment for my 2nd car despite all this great advise bcs I want a GTI and I will trade it in after 3 years for a newer car
I don't like Balloon Payment honestly! I also did not take one! You're right if you can't save that money in the first place, it's gonna hard for you to pay it at the end.
For anyone wanting to buy a car, dont sign offer to purchase prior to finding out how your loan contract is structured first apply for finance wait for the feedback and check out the figures and interest rate offered before you sign, dont sign document without inspecting the car.
Hi, great advise here. Do you know whether it would be wise to add a little extra towards the balloon amount monthly and will this impact the overall interest or repayment terms in the long term?
Really enjoyed this series Xongi 😊.... Balloons payments are scams. Wait did i say that🙆🙆🙆😜🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️
You have 2 options: 1.Pay it back as a lump sum or 2.approach the bank for refinancing and pay it back in monthly installments. Option 2 is a financial suicide because with refinancing you will be charged a further interest on that R60k,this is now a new interest cause you already paid interest of this R60k on your monthly car installments that you just settled. To make things worse,the bank can decline your refinance application due to a low credit score or cause of affordability,remember alot can happen in this 6 year's so there's no guarantee that you will be at the same financial situation you were in 6 year's ago. Only go Balloon if you know what you are doing.
Never had it on my first car and I just finished paying it off. I’m going to take a balloon payment for my 2nd car despite all this great advise bcs I want a GTI and I will trade it in after 3 years for a newer car
I believe Balloon payment isn't bad as long as you're a hard worker and you have multiple streams of income to pay the remaining amount of the car
Yooo Ballon Payment Issa trap.. Thanks for the infor. Will keep that in mind. 🙌
It’s a big trap in a Christmas box, am glad you liked it ❤️
Valuable Content. We need more of this. Thank u
Thank you so much Sis 😍
Eye opening on balloon payment with its effects, Thank you
Thank you watching Smanga and am happy you found it informative
I did not even know what a balloon payment was before. You are sooooo good at these things sesi ❤
Now you know what to look out for when you get your new set of wheels 😍😍😍
I don't like Balloon Payment honestly! I also did not take one! You're right if you can't save that money in the first place, it's gonna hard for you to pay it at the end.
Sooo true hey and now you have to save that money , pay instalment and also additional costs of a car , making it harder to save.
So informative. please keep on sharing such content
Thank you so much, will do!
For anyone wanting to buy a car, dont sign offer to purchase prior to finding out how your loan contract is structured first apply for finance wait for the feedback and check out the figures and interest rate offered before you sign, dont sign document without inspecting the car.
Hi, great advise here. Do you know whether it would be wise to add a little extra towards the balloon amount monthly and will this impact the overall interest or repayment terms in the long term?
I also believe in paying off your loan in the shortest amount of time possible👌
That is a good way for us to build wealth
If you make the money to do so. Most people don’t.
Congrats on 200 subbies hun🎉🎉🎉🎉
Thank you so much hun, woke up to this and I am so happy 💃🏾💃🏾💃🏾💃🏾
@@rixongileblessing3567 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
Really enjoyed this series Xongi 😊.... Balloons payments are scams. Wait did i say that🙆🙆🙆😜🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️🏃♀️
Thank you for watching babe, they are just a way to get us trapped in debt
Very informative 😘
Thank you so much Gracious
Definitely learning
This makes me happy, let’s keep learning more content coming up
Tazz nwana mhani😍😍real steel😂😂I heard you
Loll Sigh Mara, definitely the real steal
Ka cuzi, with the example that you made ya 30% balloon payment, do you pay back the R60K lumpsum or installments?
You have 2 options:
1.Pay it back as a lump sum or 2.approach the bank for refinancing and pay it back in monthly installments.
Option 2 is a financial suicide because with refinancing you will be charged a further interest on that R60k,this is now a new interest cause you already paid interest of this R60k on your monthly car installments that you just settled.
To make things worse,the bank can decline your refinance application due to a low credit score or cause of affordability,remember alot can happen in this 6 year's so there's no guarantee that you will be at the same financial situation you were in 6 year's ago.
Only go Balloon if you know what you are doing.
Its just a way for the bank to make more money even when you afford the car they put up the ballon dont just sign contract without checking it out.
I AM HERE!!!
Thank you so much for being here!!!!
Finally😍😍
Hahaha you are making me feel bad, I will try not to keep you waiting for too long now🙈
If you're a businessman don't be quick to shun a Balloon payment, as long as the purchase is business motivated not pleasure
Yessssss girl
Yes my friend
Modern cars are not made to last for 10 to 15 years though
I had one on my first car 😢
And how did that go for you, first cars are always tricky, we don’t know most of these things 😅
💗💗💗💗💗💞💞💕💌😊
Thank you for the love K
Installments
Yhooo I took it and I regret