I thought it is only possible with new cars but seemingly you can also buy a second hand car with a residual value.
I know it's not great to buy even a new car with a balloon payment but if I want to buy new, but not baseline small cars, a balloon payment is my only option.
I am at the moment seriously looking at buying a Suzuki Vitara brand new. They seem like good cars with 7 airbags etc.
But then the 1.6 engine might disappoint as currently I drive a 2.5 turbo Kuga. Now the Kuga is great and it was 100% reliable in the getting to 2 years of ownership.
But it is now 7 years old without any warrantee of any kind. So I am a bit stressed driving it. Luckily it is still at a low mileage of 114K.
But then, I can buy a 2017 Nissan X-Trail top model 2.5 4X4 with less than 50K on the clock, from a Nissan dealership for under R250K. That is R35K less than the new Suzuki. But since Nissen gives a 6 year warrantee this secondhand car still has 4 years warrantee left. This is 1 year more than a brand new Mazda. So secondhand can work for me.
But the question?
What is the criteria for financing a secondhand car with a balloon payment?
What is the oldest car that can be financed with a balloon payment?
What is the max persentage balloon payment you can get for secondhand cars?
Let's say my credit record is fair to good if that matters.
I know it's not great to buy even a new car with a balloon payment but if I want to buy new, but not baseline small cars, a balloon payment is my only option.
I am at the moment seriously looking at buying a Suzuki Vitara brand new. They seem like good cars with 7 airbags etc.
But then the 1.6 engine might disappoint as currently I drive a 2.5 turbo Kuga. Now the Kuga is great and it was 100% reliable in the getting to 2 years of ownership.
But it is now 7 years old without any warrantee of any kind. So I am a bit stressed driving it. Luckily it is still at a low mileage of 114K.
But then, I can buy a 2017 Nissan X-Trail top model 2.5 4X4 with less than 50K on the clock, from a Nissan dealership for under R250K. That is R35K less than the new Suzuki. But since Nissen gives a 6 year warrantee this secondhand car still has 4 years warrantee left. This is 1 year more than a brand new Mazda. So secondhand can work for me.
But the question?
What is the criteria for financing a secondhand car with a balloon payment?
What is the oldest car that can be financed with a balloon payment?
What is the max persentage balloon payment you can get for secondhand cars?
Let's say my credit record is fair to good if that matters.
