Credit issues are ever on the rise. Bad credit can arise from bank loans, credit card as well as mortgage debt. Being finance blacklisted puts a creditor in a difficult position and denies them access to financial assistance. You are therefore likely to be denied any kind of loans including a car loan.
Usually, all information on a debtor’s loans is recorded with the Credit Reference Agency. Such information includes how promptly they paid back the loans to their lenders, how much they delayed as well as cases of missed payments. It is the delayed and missed payments that will cause you to be finance blacklisted.
A lot of people get into bad credit but with the right financial advice, it is possible to turn around your credit situation. There are financial institutions that have made it possible for people to get credit car loans despite having bad credit situations or being finance blacklisted. earnacar.co.za is one such institution based in South Africa and through which debtors with bad credit or who have been blacklisted all together can still realize their dreams of owning cars.
This institution promises not to carry out credit checks on its clients but is rather focused on helping them get car loans in as short a time as 24 hours. All it requires is that a client with bad credit or one who is finance blacklisted to meet a set of basic requirements after which they qualify for a car loan. The client must first make a payment deposit of R10, 000 and commit to a monthly payment of R2, 500. They must then produce a valid driver’s license, ID and residential evidence together with bank statements. At the same time, they must have no criminal records as well as be beyond 25 years old for males.
Majority of the institutions offering car loans for debtors who are credit blacklisted or with bad credit go a notch higher to offer advice on how to get out of the financial situation. This advice is intended to help debtors consolidate their debt and repair their credit situations so that the Credit Reference Agency removes them from their blacklist.
Normally, when looking for a car loan with bad credit or having been finance blacklisted, it is almost impossible to negotiate for friendly interest rates. Lenders will obviously want to maximize on the rates they charge their clients to cover the risks they are taking by offering them financial assistance. Even so, a debtor still has the right to seek good interest rates. The internet has a selection of creditors willing to grant car loans to people on the credit blacklist and at low interest rates.
If struggling with bad credit, you may consider opting for used car loans as opposed to getting high risk loans on new cars. It is easier to negotiate not only on the interest rate on used car loans but also on the monthly or weekly payments, making your acquisition of a car much easier. Finance blacklisted debtors should be proactive in consolidating their debt to rectify their credit situations and eventually be removed from the credit blacklist.
If you are blacklisted and need a car urgently then you should contact Earn-a-car today! They could have you on the road as quick as within 24 hours of meeting the set criteria.