Poor credit, blacklisting or a recent bankruptcy can affect your ability to be approved for a loan. Here is the good news: you can still get approved for vehicle finance by subprime lenders or you can opt for a rent-to-own finance option, where your credit history is not taken into consideration as part of the approval process.

1. What Are the Pros and Cons of Subprime Lenders?

Subprime lenders specialise in vehicle loans to people with a poor credit rating. A subprime car loan can help you rebuild your credit history, enabling you to qualify for lower rates on future loans.

Even with a less-than-perfect credit score, you can still request quotes from finance lenders, but you will often find that your application is not approved or, it is approved but with a very high interest or lending rate. If you opt for a subprime lender, be prepared to pay a higher than the average interest rate.

You can still be a savvy car shopper with a poor credit score by shopping around for the lowest rates online.

2. A Better Option: Rent-to-Own Car Financing

Earn-a-Car offers the easiest three-step process to rent-to-own a pre-owned car. If you do have a poor credit score or are blacklisted, this won’t affect your application in any way. If you are a South African citizen, this is what you will need to apply: 

a.An upfront admin fee of R15,000 plus the first month’s pro-rata rental

b.Proof of income

c.Proof of identification

d.Valid driver’s license

We have assisted over 5 000 customers in the past ten years. With our fleet of 1 000 cars, you will find the ideal car that fits your budget, helping you to get back on the road. Contact us for more information about rent-to-own car financing today.