People who have made poor financial choices in their past may become blacklisted, and anyone who has experienced this can tell you that it makes life very difficult. In addition to lowering your credit score, being blacklisted makes it difficult to obtain car financing, as well as many other types of financing and loans. Many banks and other institutions refuse to lend money to people who have been blacklisted.
People might be surprised to learn that one in four people in South Africa are blacklisted! People from all walks of life go through tough financial times, so it is nothing to be embarrassed about. Instead, begin looking for alternative ways to get the car you’ve always wanted. Some quick tips for people who want car financing but have been blacklisted are:
- Obtain blacklisted car finance – Earn-a-car, for example, offers a blacklisted car finance programme so that people can drive away with their car debt-free;
- Be sure to make payments on time in order to build up your credit score;
- Use a programme that doesn’t check your credit score and will work with you if you’ve been blacklisted, such as Earn-a-car’s programme.
There are options for people who feel there is no hope. Earn-a-car allows blacklisted individuals to rent a pre-owned vehicle at a monthly rate. This way, no loans from the bank or elsewhere are needed, saving you the time and disappointment that comes with being denied financing.
Of course, there are certain responsibilities you must adhere to when you partner with Earn-a-car. By making monthly payments on time, you can begin to rebuild your credit score and hopefully be on your way to being removed from the blacklisted list!
It can be frustrating, confusing and worrisome to be blacklisted. Let Earn-a-car help you get the car you want!
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