Three myths about buying a car while blacklisted

Three myths about buying a car while blacklisted

By | 2015-10-30T10:16:43+00:00 23 November 2015|Blog, Car Finance, Rent to buy|

Buying a car while blacklisted doesn’t have to be as challenging as you expect. Unfortunately, having bad credit often means that a large portion of your cash is tied up in paying off debt. Too many individuals don’t know enough about bad credit to know how to go about buying a vehicle simply, without too much red tape. Below are a few myths about buying a car while blacklisted:

  • You won’t be able to achieve vehicle finance for buying a new car – this is untrue, as there are alternatives to vehicle finance from the banks. Choosing a rent to own option means you can rent the vehicle you wish to buy, until it is paid off. You will pay a monthly instalment much like regular vehicle finance. The vehicle is then paid off over a set amount of time. Rent to own options are flexible and you will be able to terminate your agreement at any time.
  • Settling old debts will boost your credit rating – unfortunately this is not true. Paying off an old debt will not remove it from your credit history and cannot improve your rating. Paying off a new debt will certainly go a long way to boosting your rating.
  • You need a professional to rectify your bad credit problems – this is untrue and of course, hiring a professional costs money – money you don’t have. All individuals have access to their credit history and all you need to do is get a copy of this each year and stay on top of your debt repayments. You can quite effectively rectify your poor credit profile on your own.

Earn-a-car offers car finance to blacklisted individuals

At Earn-a-car, we make buying a car while blacklisted, relatively simple. All you need to do is make sure you have the required R16 500 initial deposit and be able to afford at least R3500 per month on instalments. Having a valid driver’s license is also essential.

Our rent to own vehicle finance means there is no long term contract in place and if you change your mind along the way, or your financial position changes, you can terminate the contract with 30 days notice. It’s that simple.

If you are looking for options of buying a car while blacklisted, take the time to contact us at Earn-a-car. We will ensure you are provided with viable vehicle rent to own and blacklisted vehicle finance options to consider.