Acquiring motor vehicle finance in South Africa when you’re self-employed can be difficult. Firstly, proving your income can be difficult when self-employed. Vehicle finance companies will require spans of paperwork and documentation that can seem almost impossible, especially for a small business that’s recently started up. As a result, competitive car loans can seem out of reach to self-employed individuals and can result in you taking the first loan that comes along, whether it’s reasonable / competitive or not. Obtaining car finance with a bad credit rating can be just as difficult!
Just because vehicle finance in South Africa can be slightly more challenging to achieve for self-employed individuals or blacklisted individuals, not all hope is lost! There are alternative methods of obtaining a car and at Earn-a-car, we can assist.
Below are a few ways in which you can increase your chances of obtaining a competitive loan:
- Make sure that you save up enough money to put down a decent deposit. At Earn-a-car we require at least R16 500 down payment. Your initial deposit must be at least 20% of the value of the vehicle you would like to buy.
- Make sure that you can afford a monthly payment of R3500 per month. At Earn-a-car, we include extras in your monthly instalment such as accident cover and support, cash back for you to spend and a tracking system to keep your car safe.
- You must have a valid driver’s license, proof of identification and proof of address.
- Be able to provide 3 month’s bank to prove that your business is receiving payments.
- Have a clean criminal history.
- Be over the age of 25 and have at least 5 years of driving experience.
In order to get the most competitive car loan on the market while self-employed, simply provide this information to us at Earn-a-car and we will present you with a variety of car options to choose from and further information on how you can earn your car in as little as just 54 months.
Get low cost car finance from Earn-a-car
At Earn-a-car we provide vehicle financing options to both self-employed individuals and those who are blacklisted or have a bad credit rating. For more information and advice on acquiring affordable loans, contact us at Earn-a-car via email or telephone today.