Do you need a car loan to buy a car but can not because of bad credit history? Well, if this is the case, you can relax; it now is possible for you to get vehicle finance even if you’ve had a bad credit experience. For this, you first need to identify how bad your credit history is and then bounce back from it.
When you fail to pay your loan, your name is blacklisted and all information about your loan is held by the ITC, which is a Credit Reference Agency in South Africa. It is possible to bounce back from bad credit by repairing your past credits. The credit may be in the form of bank loan, outstanding credit card payment, etc. Here are some steps which can help you bounce back from bad credit:
- Get a report – In order to obtain a vehicle finance and to bounce back from bad credit, it is advisable to get a report on your past outstanding credit statement. This would help you to see how bad your loan actually looks. It may be possible that some of the information in the credit report is inaccurate. So, make sure that you sort them out.
- Payment –Once you have sorted out your past credit, make sure that you pay your bills on time. This affects your credit report and you can save yourself from being blacklisted.
- Practise moderation – Do not overspend on your credit card and especially don’t max-out the limit. When you apply for a loan, apart from the past credit history, the lenders also take your credit limit, duly paid bills and take other things into consideration.
- Bank balance – Maintaining a bank account with good savings and credits is also very helpful and allows you to bounce back from bad credit.
Buying a car with bad credit, in South Africa
If you have been blacklisted or have history of bad debt and want to apply for vehicle finance then you can contact Earn-a-car, who can help you with it. At Earn-a-car the loan applicants do not have to worry about credit checks and just need to fulfill some basic requirements. At Earn-a-car you can be assured to get good value for your money and look forward to various cash-back schemes and other schemes which can prove to be beneficial and affordable.
To learn about the basic requirement that needs to be fulfilled for your vehicle finance, visit Earn-a-car.