I selected to buy an Auris 1.3X 2011 model from Barloworld. After taking a test drive of the vehicle, I asked this guy Ivan to give me a quote so that I can apply the loan myself but what this gentleman told me was that loan application will be faster thru them. I told that I will be making a deposit of R50, 000 and remaining amount I would like to apply for loan. Submitted all the documents yesterday to them for loan processing.
Today the lady named Hanelie from BARLOWORLD office called me and told me that my loan is approved by standard bank. The EMI is R4200 odd per month for 32 months. This includes the initiation fees of R1140 and service charges by bank R57 per month. She called me from the number 27-12-9951750 at 12:20 PM and we spoke for 9 minutes. She also told me that she will send me the breakdown soon.
For a loan amount of R100, 650, with 10.8% interestf or 32 months with initiation fee of R1140 and monthly service fee of R57 how come the EMI was R4200? I checked with my finance department and was being told that the figures are wrong. This should not go beyond R3400 per month.
I called Standard Bank to find out about dealer commision and bank advised me to apply self
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