Those who have been blacklisted for vehicle finance assistance have been identified as possible risks by banks, credit card companies and other financial institutions. This can cause great difficulty when you go looking to buy a car.
This type of problem happens to people in every profession and can be caused by the missed payment of minor debts. It is estimated that around 5 million South Africans have been put on one of these lists.
There is no need to feel alone, and there is definitely an option out there for you to get a car and get on the road to paying it off and getting your credit rating improved.
There are 7 types of loans that will affect your credit rating and get you on one of these lists:
- Personal loans
- Credit cards
- Vehicle finance
- Furniture accounts
- In store accounts
- Home loans
Vehicle finance solutions
Your status with all these loan types is held by a credit agency, ITC in South Africa. There are several steps that you can take to consolidate your loans and no longer be blacklisted. Rectifying your credit rating is possible; you will not be blacklisted forever if you take the right steps. While you work towards improving your credit rating you’ll need to stay mobile. You can get a car right now with Earn a Car.
What you are essentially doing is paying an upfront cost and renting a car from them. You earn money every month you successfully pay your monthly fee. If you do not wish to buy the car, you give them a month’s notice before returning it and they give you the money back which you have earned while paying down on the car plus your upfront cost. This is different than finance, so there is no worry if you’ve been turned down in the past. If you meet their approval criteria, even those blacklistedforvehiclefinance can be mobile and working towards owning a car.