Don’t make these three mistakes when financing a car

Don’t make these three mistakes when financing a car

By | 2015-10-30T10:14:21+00:00 16 November 2015|Blacklisted finance, Blog|

Financing a car can seem a tricky business and it’s even trickier for those who are blacklisted or have a poor credit rating. Easy vehicle finance might seem like a myth, but with access to the right car finance deals with the right vehicle finance companies, you can benefit. There are a number of mistakes that consumers make when shopping around for their vehicle finance. If you want to avoid problems or financial issues in the future, don’t make these mistakes when financing a car:

  • Getting tied into a lengthy contract – don’t get yourself tied into a long term contract if you aren’t entirely sure you’ll be able to honour the agreement. Make sure there is the option to cancel the contract if your financial position changes in the future.
  • Focusing on the monthly payments instead of the actual cost of the car – if you are looking only at how low the monthly instalment is and not the actual cost of the car, you could end up paying more in the long run. Know what the total cost of the car is and ascertain if the total monthly payments over the 54 months, is actually acceptable and according to industry standards.
  • Not budgeting beforehand – knowing what you can spend and knowing you have the right amount of funds each month to afford the instalments is vitally important. Too many car purchasers don’t take the upcoming years into consideration when purchasing a vehicle. Know your budget and what you can spend before you settle on any agreement.

Easy Vehicle Finance from Earn-a-car

At Earn-a-car, financing a car is made simple. We offer our car finance deals on a rent to own basis and customers are provided with the opportunity to earn the vehicle they are renting. While there is a monthly instalment expected for a set period of time, you can choose to cancel the contract at any time, as long as you provide us with the required 30 days notice.

To qualify for finance with us, you must have the following:

  • Initial deposit of no less than R16 500.
  • Be able to afford at least R3500 per month in instalments.
  • A valid driver’s license.

If you would like to learn more about financing a car with us, take the time to contact us at Earn-a-car today.