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Thread: Access Loan

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    Access Loan

    I have Home loan with FNB and i will like to change it to Access loan because i want to buy a car is that possible,if it is my intalment is it going to increase?please any any advise is welcome

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    Yes you can do that just don't tell FNB you are doing it because you want a new car. They will access the house price and will give you a limit, your loan will become like an account where you can put money in and take out. Just be careful because a lot of people are tempted to spend the money available and then they end up losing the property and etc, two thirds of South Africans have bad credit. I personally wouldn't buy a car to pay off in 20 years time, it won't just become extremely expensive but it also isn't an asset, it loses value all the time. With all due respect it seems to me that you want to get a car for more than you can afford that's why you want to buy it through the bond and if that is the case I'd advise you to buy a cheap second hand car rather than a new expensive car using your bond? To me the whole idea does not make logical and economical sense.
    The only good thing access bond is good for is to put your salary in it so that you can save a bit of money on interest every month which makes a bit of a difference in the long run.

    Good luck
    ---There is no traffic at the extra mile---

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    tec0 (27-Apr-12)

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Nickolai Naydenov View Post
    The only good thing access bond is good for is to put your salary in it so that you can save a bit of money on interest every month which makes a bit of a difference in the long run.
    There is the fact that bond interest rates tend to be lower than any other form of finance, though.

    But I support Nickolai's point - financing a vehicle over twenty years is not a good idea. The solution would be to make bigger contributions so that the draw is effectively paid off over a more reasonable period, such as four or five years. But this would need personal discipline to achieve.
    The trouble with opportunity is it normally comes dressed up as work.

  5. Thanks given for this post:

    tec0 (27-Apr-12)

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