“ Having a car loan harms you when applying for a mortgage ”

Are you considering an auto loan? You might want to think again. Africa Melane interviews financial planner Gerald Mwandiambira.


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South Africa has decent roads but lacks a good public transport infrastructure.

Many South Africans therefore choose to buy their own vehicle, which is usually debt-financed.

The pandemic has led to a marked increase in home loans as auto financing is in the doldrums.

Africa Melane asked financial planner Gerald Mwandiambira for advice on comparing a car loan to a home loan.

If you’re considering buying a home, you might want to consider going without a financed car, advises Mwandiambira.

Image credit: prostooleh (123rf)

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The main reason most people are turned down when they apply for a home loan is because they bought a car… If you took out a car loan… it has a significant impact on affordability…

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A house is a good that appreciates… it is a loan much safer from the point of view of the bank. A Car Depreciates… Home loans are easier to apply for if you don’t have a car loan.

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Having an auto loan will hurt you when you are applying for a home loan … If you are wondering whether to buy a house or a car; get a mortgage first …

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Listen to the interview in the audio below.


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