If you have had a bad credit history, then it is possible that you have been blacklisted. With this, it is possible that you may not be able to apply for loan. In South Africa, the information about the blacklisted people is maintained by the ITC, which is a Credit Reference Agency. So when you apply for a vehicle finance or loan, the bank or the money lender checks your credit ranking with ITC. In case you have a low credit ranking, you may be blacklisted and thus may not be eligible for a loan.
This situation is quite disheartening when you need to apply for vehicle finance or other personal finance. However, the good news is that you can improve your credit ranking and remove your name from the bad credit list. In other words, you would not be blacklisted forever, and can apply for loans.
Where to get money to buy a car if blacklisted
If you have been blacklisted and need money to buy a car, then you can start with improving your bad credit history. If you consolidate your past debt, then this would help improve your credit report and can make it easy for you to apply and get vehicle finance.
It is possible to get vehicle finance through some of the financial institutions. But in case of blacklisted people, the interest rate charged by the lender may be very high. So, in this case you can take the loan and then work on improving your credit ranking by paying your installments on time. Once your credit ranking improves, you can apply for refinance and get vehicle finance at lower rate.
Many people with bad credit history in South Africa are now applying for vehicle finance through financial institutions like Earn-a-car. At this financial institution, one does not have to worry about being blacklisted or about bad credit history. This is because Earn-a-car does not check your credit history. You just need to fulfill the basic conditions and submit some documents with them. Once you have fulfilled all the conditions, you can get your car within 24 hours.
Thus, you don’t have to worry about your bad credit history and simply contact us to buy a car.