A poor credit record can make it hard to buy a car through a bank. Your application may be declined because you are blacklisted, under debt review or have a low credit score.
However, bank finance is not your only option.
Earn a Car helps qualifying South Africans access reliable vehicles with no finance from a traditional bank. Instead, you can apply for a rent-to-buy vehicle and make an agreed monthly payment.
What does no finance mean?
No finance means that you do not take out a traditional vehicle loan from a bank.
Earn a Car offers a rent to buy programme. Therefore, you rent the vehicle over an agreed term instead of financing it through a bank.
This is not a bank loan. It is also not a traditional vehicle finance agreement.
You will still need to pay an initiation fee and a monthly rental. In addition, you must pass an income and affordability assessment.
Can blacklisted people apply?
Yes, blacklisted people can apply through Earn a Car.
Applications are also considered from people who are:
- Under debt review
- Unable to qualify for bank finance
- Living with a low credit score
- Rebuilding their credit history
- Previously declined for vehicle finance
Your credit record is not the only part of the application. Earn a Car also looks at your current income and ability to afford the monthly rental.
However, approval is not automatic. You must meet the programme requirements and provide the correct documents.
How does the Earn a Car programme work?
The process is straightforward.
First, browse the available vehicles. Then, choose a car that suits your needs and monthly budget.
Next, complete the online application and upload your supporting documents. The application team will review your income and affordability.
If you qualify, you will receive information about the vehicles available within your approved monthly budget.
You will then need to pay the required initiation fee and first month’s rental. Once the agreement is complete, you can collect your vehicle.
What do you need to apply?
You will need to submit supporting documents with your application.
These may include:
- A valid South African identity document
- A valid driver’s licence
- Proof of income
- Recent bank statements
- Proof of residential address
You must also earn enough to cover the monthly rental and your normal living expenses.
For this reason, it is important to choose a vehicle that suits your budget.
No finance does not mean no checks
A car with no finance from a bank does not mean that there are no application checks.
Earn a Car still needs to confirm that the monthly rental is affordable. Therefore, your income, expenses and bank statements may be reviewed.
This assessment helps prevent you from taking on a monthly payment that is too high.
It also helps the team recommend vehicles that match your approved budget.
What is included in the monthly rental?
Your monthly rental may include several important vehicle-related costs.
These include:
- Insurance waivers
- Vehicle tracking
- Annual vehicle licensing
As a result, you do not need to arrange these services on your own.
However, you will still need to budget for fuel and other costs listed in your rental agreement. You should read the full agreement before collecting the vehicle.
Benefits of choosing a car with no finance
A rent-to-buy vehicle can offer another route to car access when bank finance is not available.
Apply with a poor credit record
You may still apply if you are blacklisted or have a low credit score. Your current affordability will also be considered.
Avoid traditional bank finance
You do not need to apply for a standard bank vehicle loan. Instead, you enter into a rent-to-buy agreement.
Plan around a set monthly rental
A clear monthly payment can make budgeting easier. You can also choose from vehicles that fall within your approved amount.
Access a reliable vehicle
A dependable car can help you travel to work, support your family and manage your daily responsibilities.
Work towards ownership
Rent-to-buy agreements generally run for 48, 54 or 60 months.
At the end of the term, you may have the option to purchase the vehicle for R100. However, you must first complete all payments and meet the conditions of your agreement.
Which cars are available?
Earn a Car offers a range of vehicles based on current fleet availability.
Options may include:
- Affordable hatchbacks
- Sedans
- Family vehicles
- SUVs
- Bakkies
- Manual and automatic cars
Vehicle prices, initiation fees and availability may change. Therefore, you should check the latest listings before you apply.
A more affordable vehicle may also make it easier to pass the affordability assessment.
Is Earn a Car right for you?
The Earn a Car programme may suit you if you need a car but cannot access traditional finance.
For example, you may need reliable transport to get to work. You may also need a vehicle for your family or business.
Before applying, calculate what you can comfortably pay each month. Remember to include fuel and other running costs in your budget.
You should also read the agreement carefully. This will help you understand the payment term, included benefits and your responsibilities.
Apply for a vehicle with no finance from a bank
Being blacklisted does not mean that you have no way to get a car.
Earn a Car gives qualifying applicants access to rent-to-buy vehicles with no finance from a traditional bank.
You can apply if you are blacklisted, under debt review or have a low credit score. However, you must still meet the income and affordability requirements.
Browse the available vehicles and apply through Earn a Car today.
Frequently asked questions
Can I apply if I am blacklisted?
Yes. Blacklisted applicants can apply through Earn a Car. However, all applications are subject to income and affordability checks.
Do I need bank finance?
No. Earn a Car offers a rent to buy programme instead of a traditional bank vehicle loan.
Can I apply while under debt review?
Yes. People under debt review may apply. Each application is assessed based on the documents provided and current affordability.
Do I need a perfect credit score?
No. You do not need a perfect credit score to apply. However, you must show that you can afford the monthly rental.
Will I own the vehicle?
You may have the option to buy the vehicle for R100 after completing the agreed term. All payments and agreement conditions must be met first.