According to recent research, one in four people in South Africa have been added to a credit blacklist. If you are experiencing credit difficulty due to some bad decisions or mistakes you made in the past – you are not alone. There are various routes that you can follow to obtain finance if blacklisted.
What options do you have
- Rehabilitate your account: Obviously, the first step to getting finance with bad credit is to start by rehabilitating your credit score. You can do this by repaying debts and contacting creditors to work out a repayment schedule. Although these steps will reflect positively on your credit rating, your financial history won’t change overnight. Missed payments and payment defaults will often remain in your credit history for up to seven years.
- Find companies that advertise to people with credit difficulty: Getting finance if blacklisted isn’t impossible – you just have to know which routes to follow. There are a number of companies that offer finance for people who have been blacklisted, but be weary of the services (as well as the terms and conditions) these companies offer.
How Earn-a-car can help you
To qualify for the vehicle finance from Earn-a-car, you will need a valid driver’s license, an upfront fee of R 12 500, bank statements and proof that you don’t have a criminal record. The monthly amount that you need to be able to pay starts from R2500 per month. Our unique model allows you to get the pre-owned car you want and own the car within a few short years. The Earn-a-car programme from Earn-a-car means that you earn a cash-back reward and that you can take ownership of the car of your choice as quickly as you like.