According to accountants, your car itself is an asset because it is something you own which can be sold for cash i.e. it counts as an asset. However, all the other areas of owning a secondhand car lead to confusion. Petrol, repairs, insurance and vehicle finance payments are all costs of owning a car i.e. expenses. A car loan is a liability, or debt. Loan interest is another expense.
So a car may be an asset, but it gives rise to liabilities, and incurs expenses over time.
Car as income?
Why not turn your vehicle financing around, and actually earn cash as you pay off your car? Especially if you have been blacklisted, additional income is always welcome.
With Earn-a-car, we help you get financially back on track and into the driver’s seat in a number of ways:
- Our range of used cars offers unbelievable deals which give you maximum value for your money.
- Part of your monthly payment already includes a wide range of value added services for peace of mind at no extra cost.
- Additionally, we give you R300 cash back for every successful payment you make. You can use your cash together with your initial down payment to buy your car at the end of your agreement, or use it as a down payment on another car, or cash it in and spend the money as you wish.
- We also pay R1000 cash for every successful referral you make. Seeing as 1-in-3 South Africans struggle to get car credit, it’s a great opportunity to earn cash in your spare time as a sales person for us.
Don’t let a bad credit rating hold you back. All you need is proof of income, a minimum down payment of R16,500 and to meet our simple requirements. In as little as 54 months, you can own your very own car.
For more information and advice on how we can you, please contact us today.