What you need to know:
Where before you could get a vehicle loan (bank approval dependent) with various options, the new Namibia Credit Agreement Act has stricter requirements for anyone wanting to finance a new set of wheels. In essence, the act was made to protect consumers who may have overstretched their finances to buy a car. At the same time, it also protects the motor retail industry and banks. The new act dictates that any finance application requires (at least) a 10% deposit and a contract period no longer than 54 months. No, but do confirm that with your financial institution. All new applications would be subject to the new rules. Some institutions may allow bigger deposits (above 10%) or a shorter period (less than 54 months). Speak to your bank or the financial manager about the prevailing interest rate, what deals they offer and if you may choose a fixed or linked interest rate. Mostly you, the consumer. Instead of paying too little for a car you cannot afford (and possibly getting a very nasty surprise in the future) this new act encourages people to save up longer and buy cars they can afford.
A negative outcome will be reduced (non-cash) sales of vehicles.
Positive side effects include fewer repossessions and a used car upswing.
Golf GTI 162kw / 350Nm
GTI with Performance Pack 169kw / 350Nm
GTI Clubsport 195 - 213*kw / 350 - 380*Nm
GTI Clubsport S 228kw
Golf R 206kw / 380Nm
1. The most ever entries recorded at any of our events.
2. The most cars from South Africa ever brought up to participate at any of our events.
3. The widest range of cars ever seen at an official drag meet.... from a 1.6 bakkie to a Mclaren supercar.
4. The most 10 second runs ever seen in Namibia.