CAPE TOWN - A third of Standard Bank’s customers looking to buy a car have opted to include the maximum balloon payment in the past 12 months.
This as South Africans continue to struggle with affordability as a result of high interest rates.
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According to the bank, the number of new vehicles purchased that include a balloon payment, has increased by 41% over the past five years.
While balloon payments may appear to make car ownership more affordable, they come at a higher cost.
Personal Finance Journalist Maya Fisher-French spoke to eNCA.