Getting that first set of wheels may be easier than you think

Getting that first set of wheels may be easier than you think

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To many, buying a car is a massive milestone in their lives. Your first car might be a scary commitment, but WesBank has a solution to get you on the road and away from unreliable public transport with its Graduate Finance Product.

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Having a good credit score is one of the more important factors when looking to finance your first car. There are a few options to grow your credit score, including retail store accounts and credit cards. These routes do come with certain requirements, whereby you need to maintain reliable payments on your accounts to avoid an accumulation of debt and a poor overall credit score.

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When used correctly, retail store accounts and credit cards provide a platform to build a solid credit record and credit score. This will greatly benefit you later in life when looking to invest in big-ticket assets like a house. However, if used incorrectly, debt can be very difficult to get rid of, and it frequently comes with the added stress of worrying about vehicle financing, and this stress knows no age limits.

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The good news is that WesBank believes reliable mobility is an excellent means of helping the working class, and it wants to encourage more young people to get behind the wheel. Its graduate Finance Product is available to students regardless of their credit rating.

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The criteria for such a product look at an applicant's tertiary education, requiring a degree or diploma that was achieved in the last three years, as well as holding and providing full-time employment with a minimum monthly salary of R7,500, being under the age of 31, and being able to afford the monthly payments on your vehicle.

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WesBank will provide the professionals to assist you in your road-conquering adventure, and tools such as WesBank's online affordability calculator are also available to help you better understand the cost involved in financing your dream car. Like any financial decision, there are a few things to consider when searching for your car.

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Buying a car comes with a plethora of considerations before committing to a purchase. To start, it is essential to search for a vehicle within your means; just because you can afford the monthly installments alone doesn’t mean you can afford the car. Running costs are equally important to consider; these include fuel consumption, insurance, yearly vehicle maintenance, wear and tear items like tyres and brakes, and although we wish our cars would run forever, there could be unforeseen repairs along the way.

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All these factors will need to be considered before committing to the car of your dreams. The vehicle of your dreams might not be too far away, but making sound financial decisions now may shorten the wait to achieve this, as climbing the corporate or life ladder can take time.

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WesBank wants you behind the wheel of your dream car. Enquire now about how the WesBank Graduate Finance Product can help you stop depending on others and enjoy the newfound sense of freedom that comes with owning a car.

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