for subscribers

SA's downgrades and your car payments

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Cape Town - Following the recent downgrades by international credit ratings agencies, South Africa’s ailing economy is set to take its toll on motorists and new car buyers, according to vehicle finance provider WesBank.

It says SA’s economic hardships will be felt by both motorists who have existing credit agreements as well as those looking to purchase a new car in the future.

“In simple terms, the economic downgrade is like a poor credit record. It means that it will become more expensive for SA to borrow money from international banks and investors,” explaines Rudolf Mahoney, head of brand and communications at WesBank.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.42
(+0.10)
ZAR/GBP
22.77
(+0.02)
ZAR/EUR
20.59
(-0.00)
ZAR/AUD
12.46
(+0.38)
ZAR/JPY
0.16
(+0.28)
Gold
1952.30
(+1.67)
Silver
27.44
(+7.13)
Platinum
960.00
(+3.27)
Brent Crude
45.32
(+2.09)
Palladium
2175.50
(+1.97)
All Share
57419.46
(+0.00)
Top 40
53082.08
(-0.08)
Financial 15
10227.06
(+0.86)
Industrial 25
75743.15
(-0.61)
Resource 10
59161.88
(+0.29)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 989 votes
It depends on how the funds are used.
74% - 6591 votes
No. We should have gotten the loan elsewhere.
15% - 1382 votes
Vote