Credit score isn’t typically something that can be avoided when you’re shopping around for a new vehicle. Understandably so, as it affects the interest rate if you are looking at a car loan to finance your new purchase. Bad or low credit scores can push the interest rate well beyond your monthly reach, while a good credit history could secure a more favourable rate. Don’t fret if you’re concerned about your credit score being on the lower-end, though, as rent-to-own might be a convenient option for you.
Can you buy a vehicle without having your credit score checked?
Yes! Rent-to-own vehicles make it easier for people with lower credit scores to qualify for vehicle purchases. Earn-a-Car does not do credit checks, and we don’t need to know your credit history. Our only requirements are the following:
- An upfront admin fee
- Pro-rata payment of the first month’s rental
- Proof of income
- Proof of identification
- A valid Driver’s License
- No criminal record
- South African citizenship
What is the lowest credit score to buy a vehicle?
There is no minimum score required to buy a vehicle. A higher score does, of course, hold more promise of getting your car loan approved from a financial institution, as well as a better loan repayment interest rate.
Our rent-to-own vehicle finance option offers:
- A warranty over your contract term
- Monthly towing subsidy
- Vehicle tracking
- Loyalty rewards for a healthy payment record
Earn-a-Car offers a variety of rent-to-own vehicle finance plans to suit different lifestyles, to bring you freedom without unnecessary financial worry. If you are concerned about a low credit score and need a vehicle, get in touch with our team today to discuss our rent-to-own solutions.