It may be difficult to buy a car if you are blacklisted but it is not impossible. Here are some tips to help you to buy a car if you’re blacklisted or have a bad credit score in South Africa.
Debt review or debt counselling
Bank and dealerships require that you have a good credit score to take out a car loan. Good credit history is seen as assurance that you are financially reliable for car payments. If your credit report indicates that you are under debt review, you won’t be able to receive car finance or a car loan. It is advisable to consult a debt consellor before you panic or give up all hope. A debt consellor can help you to negotiate with the creditors that you owe.
Car buying options when blacklisted
Unfortunately, banks and dealerships aren’t very understanding over debt. Thankfully there are other ways to buy a car while you are blacklisted or paying off debts. Here’s what you can do to get a car:
Buy a car in cash
The quickest way to get a car if you’re blacklisted is to pay cash. If you have enough cash, skip the monthly payments and buy a car from a car dealership or private party with cash.
Alternative financial institutions
Some dealerships offer in-house finance that does not check your credit rating. You can also find a lender to help you out if you have a bad credit score, but this may not always be possible if you are under review.
Earn-A-Car is an auto dealership that provides a fixed monthly finance plan for clients without checking their credit history or blacklisting.
Rent to own
Rent-to-own is the best option to get a car if you are blacklisted. Rent-to-own options offer you a monthly payment that fits your budget and will allow you to own a car within a period.
Earn-A-Car has rent-to-own options that fit your wallet. If you need a new or used vehicle, you can choose a plan that works for you without having to worry about your bad credit score or blacklisting. There is also no need to worry about interest rates, which makes it a great option for those in debt.
Contact Earn-A-Car for options to buy a car if you are blacklisted!