Getting vehicle finance for buying a new car or a used car is not really difficult. But the problem comes when you have a bad credit history or have been blacklisted. By this, it is meant that if you have any outstanding loan or credit then your name may have been blacklisted. This would make it difficult for you to get vehicle finance.
Here are some vehicle finance tips for blacklisted people:
- Maintain your checking and saving bank account. This can help improve your credit score and you get vehicle finance easily.
- Do not overuse or max-out on your credit card limit. Try to make the payments regularly, which would show on your credit report and help you get good credit score.
- Instead of a high-budget, you can opt for low-budget car and make a good down-payment on it. This way, the loan amount would be much less and you will be to able to get it even with a bad credit history.
- If your budget does not allow you to pay for a new car then you can also apply for a used car and get vehicle finance for the same.
Vehicle Finance tips for Blacklisted people
- If you have a bad credit history and still need a car, you can get a car on leased sale agreement. Under this agreement, it is possible for you to buy the car on lease and then pay for it later. In case you don’t want to buy it then you can give it back to the company.
- In case you are in no hurry to get a car and can wait for the vehicle finance then you can first work on repairing your bad credit history. The ITC, a Credit Reference Agency in South Africa maintains all the information about blacklisted applicants. You can get credit report from them and know where you stand.
- Financial institutions dealing in loans for blacklisted people in South Africa can also provide you with vehicle finance without making credit check.
If you want to get vehicle finance and are blacklisted then you can contact Earn-a-car , who are known to help blacklisted people and can help you with your vehicle finance.