Getting vehicle finance may seem to be difficult at first, but the fact is that it is quite easy. The trick is to understand the basic things related to loans and once you understand them then you can apply and get vehicle finance easily. If you have had bad credit in the past, then it is possible to get vehicle finance for your car. Here are some tips on how credit blacklisted people can buy a car in South Africa.
- When applying for vehicle finance, get your credit report from ITC, the Credit Reference Agency in South Africa. This would help you to know where you have defaulted and why you have been blacklisted.
- In case the bad credit is not severe, try to repair it, and maintain a good credit profile by paying your bills on time. But in case your credit history is very bad then you may have to look for other alternative.
- If you are unable to get vehicle finance because of bad credit history then instead of applying through banks, you can contact financial institutions which do not run credit checks and provide with vehicle finance within a short time.
- In some of the cases the interest rate charged by the lender may be too high as the applicant has been blacklisted. It is better than not getting a loan at all and you also have the option of refinancing your loan later. But in order to apply for refinancing, ensure that you maintain your credit score. Pay your installments on time and you would be able to get refinance easily.
Blacklisted vehicle finance
If you have been blacklisted in the past and need vehicle finance to get new car then there is no need to despair. Earn-a-car in South Africa is known to provide loans to blacklisted people or people with bad credit history. No credit checks are made at Earn-a-car and thus the loan applicant can relax and apply for vehicle finance. However, one needs to fulfill some basic terms which enables blacklisted people to buy a car within 24 hours in South Africa.