Many South Africans are struggling with financial difficulties that have denied them access to among others car loans. Obtaining a car loan Johannesburg and Gauteng, South Africa at large has been made much easier even for people struggling with their finances. Financial institutions have come up with innovative ways that assist debtors to obtain financial assistance as they face all kinds of financial difficulties from bad credit to bankruptcy and being credit blacklisted.
Financial debt can hinder a debtor from obtaining vehicle finance Gauteng. Such debt may include personal loans, credit card, home loans, overdrafts and previous vehicle finance. All of a debtor’s credit information is monitored by ITC which is South Africa’s Credit Reference Agency. Instances of delayed and missed payments eventually qualify a debtor into the ITC credit blacklist and getting financial assistance becomes a challenge.
Getting a car loan Johannesburg for a person facing bankruptcy requires a debtor to apply for a bad credit car loan. Cases of bankruptcy often times require a debtor to have a court order that verifies that they are allowed to acquire extra debt.
earnacar.co.za is one of the lending institutions that have come to the aid of people in need of vehicle finance Gauteng. The institution caters for debtors seeking to get car loans as they struggle with bad debt or even having been credit blacklisted. The institution operates online and as long as a client meets their basic requirements, they do not perform a background check on their credit situation. Earn-a-car requires a down payment of R10, 000 and a commitment to make the agreed monthly payment to qualify for a car loan Johannesburg. The client has to also provide the necessary documentation that includes bank statements, driver’s license and ID.
Debtors have an option to either apply for used car loans or new car loans. The latter involve a lot of risk and a debtor with bad credit should advisably opt for the former. However, you will be able to acquire either of the two with ease from various vehicle finance Gauteng institutions. Interest rates for new car loans are inclined to be higher as are the monthly payments.
Car loan Johannesburg for people facing financial difficulties is available in various packages. One such package is by Earn-a-car that allows a debtor to earn their car of choice in a period of four years. From their fleet, the client chooses a car on which they earn cash for each month that they retain it. The cash earned combined with the client’s original down payment will guarantee them full ownership of the car after four years. This package also allows the client to give the car back and retain the cash-back earnings.
Besides providing access to car loans for people with financial constraints, majority of lenders also offer advice to debtors on the best ways to regain their deal credit status. Therefore, in addition to easily acquiring a car loan Johannesburg, a client will be advised to take an active role in consolidating their debt to get back on track as far as their finances go.