How to Find a Fair Car Loan When you Have Bad Credit

How to Find a Fair Car Loan When you Have Bad Credit 2018-05-07T15:23:00+00:00

All around the world people have gotten themselves into hot water with record levels of debt. In the United States, the average household has amassed over ten thousand dollars in credit card debt. While this can and often does affect credit scores and inhibit your ability to get a loan, in some countries debt has become a national concern. For example, in countries like South Africa, the government has created a blacklist that contains the names of millions of people with poor credit scores.

In fact, the bad credit crisis in South Africa has gotten so out of hand that at least one in four people have been placed on the blacklist.

What does it mean to be blacklisted?

As you might expect, when your name is on a blacklist it is difficult to get car loans, home loans or even to apply for an apartment. So what do you do when you have bad credit or have been blacklisted and you need to apply for a loan?

If you are unable to consolidate your debt and improve your credit, you need not withdraw from life completely; there are still several options for you. Even if you are on the dreaded blacklist, you can still apply for home and car loans. After all, there is strength in numbers, and according to recent reports over five million South Africans have been placed on the blacklist. While this may, in fact, inhibit their ability to get a standard loan from an established bank, it does not mean that they are financial lepers. It simply means they will have to do a bit more research and may have to apply for more loans than a person will good credit.

Obtaining car loans, for example is often not as difficult as you might expect. Considering the fact that blacklisting is a problem that affects twenty-five percent of the South African population; and in recent years dozens of new companies have sprung up that do business with customers with bad credit. In fact, most of these companies do not even perform a basic credit check. Perhaps this is because they know the current laws unfairly punish individuals who made a few bad decisions, or maybe they are simply trying to take advantage of a growing market.

Whatever the reason, these companies with not only sell or lease you a car, but they will also help you rebuild and reestablish your credit. Remember, a lot of people are in the same boat you are and there is no reason to feel ashamed or embarrassed by your financial history. The best thing to do is to focus on the future and to work hard at removing yourself from the blacklist.

Thankfully, the approval process for people with bad credit or those who are currently on the blacklist is not a drawn-out one. According to recent data, it usually takes less than a day for car companies to approve or reject people for car loans.  If you are fortunate enough to receive a loan, make certain that you can afford the payments and that everything meets your needs. In only a few months you will be well on your way to rebuilding your credit and removing yourself from the blacklist.

Contact Earn-a-car and their competent staff will have you on the road in 24 hours.

rent to own cars in johannesburg