Secured car loans for bad credit offered to people who need to buy a vehicle but struggle to get finance from the major banks because of being blacklisted or listed as a slow payer can be obtained through various credit providers. The worse your credit history looks, the harder it is going to be to get any kind of finance from any registered credit provider but there are some that will be in a position and willing to help. The best chance you have is if you are listed as only being a slow payer or do not have a string of judgements against your name for defaulting on previous accounts.
Amongst different types of bad credit car loans available online are the secured type which basically means that you are going to have to sign something of value against borrowed money in a contract agreement with the credit provider who is in a position to lend you the cash. Most people sign a house or property as surety which gives the lender the right to take your home or land in the event that you default and cannot afford to pay back the money you borrow. Because of this it is only wise to really think about if you can afford to be borrowing cash for a vehicle and if you will be able to pay back the lender without missing payments.
ABSA, FNB, Standard Bank and Nedbank are the four major banks of South Africa offering finance to those looking at buying a new vehicle but your chances are not good at being able to borrow money from them if you are blacklisted because of defaulting on payments with previous creditors. The banks adhere to the National Credit Act and are governed by very strict guidelines which prevent them lending money to anyone who is considered even a slight risk. However there are other credit providers in the country able and willing to offer secured car loans to people with a bad credit record or who have been blacklisted.