Wesbank outlines the most important thing to consider before buying your first car.
There are few achievements that surpass the feeling of buying your first car, which, in most cases, is the greatest aspiration for many graduates as they approach the point of starting a career.
It is also why buying a car is one of the biggest purchases most people will ever make, almost always necessitating the need for assistance from a financial service provider such as a bank.topics such as credit record and credit score, therefore, become matters of great importance This is what banks and other financial institutions use to determine how much credit you can be loaned and the related interest to charge, it added.
“This can lead to the account holders being reported to one of the credit bureaus, resulting in a bad credit record and, subsequently, a compromised credit score,” said WesBank. In addition to enabling you to buy now and pay later, credit cards often also come with additional benefits like reward points and various discounts at specified retailers and service providers. So, if used responsibly and the required monthly minimum payments are consistently met, a credit card can be a useful tool in building a positive credit record.
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