Blacklisted car finance will help you if you have a bad credit record. Or if you are struggling to get an auto loan because of a poor financial history.
The pros and cons of buying a new or used vehicle are enough to deal with. Without having the extra strain of not being approved for finance.
That is where this type of assistance comes in handy. To help people who find themselves on the blacklist for whatever reason.
Monthly repayments are generally higher with blacklisted car finance. Because the lender will view the borrower with a bad credit record as more of a financial risk.
Having said that there is more than one kind of auto loan available to those who have a poor credit history. Therefore it is worth shopping around to find good vehicle finance. As well as always best to compare one agreement with another.
Applying for car loans can be quite a daunting and confusing task. So it is advisable to find a company that will source a new or used vehicle for you. Which can easily be done online these days through many finance companies.
The amount of money a person qualifies for an auto loan will depend on personal circumstances. But the various companies that help people with this can usually assist someone in getting finance. Even if they have struggled with getting approval in the past.
It takes some patience and hunting if you have a bad credit record to be approved any kind of loan. So doing online research is the quickest and most recommended method of sourcing blacklisted car finance. For anyone who needs it.
Bad Credit Motor Finance for Blacklisted People
Bad credit motor finance for blacklisted people is something that millions of people are interested in getting. But aren’t sure if it’s such a good idea with all the bad things they hear about borrowing when you are already blacklisted.
Vehicle loans are one thing, but when you are blacklisted and applying for a car loan, you have to be careful.
The banks in South Africa won’t give you a chance because they don’t take risks like that.
Banks in South Africa that don’t Offer Vehicle Finance for Blacklisted:
- FNB Bank
- Capitec Bank
- Standard Bank
- African Bank
However there are financial credit providers who lend specifically to those who have a bad credit rating.
You just have to compare the interest rate with different lenders in order to determine which of them you should use.
This is important because you don’t want to spend the rest of your life just paying off the interest on the car loan. So when you apply for bad credit motor finance, make sure you check out a few different companies.
Then choose the company who offers the best options and the lowest interest rate on a vehicle loan.
The South African banks will look at helping you if you aren’t blacklisted. But once they do a credit check and discover what a bad history you have when it comes to payments, they won’t take a second look at your application.
This is why it is up to you to find appropriate financial credit providers to help you.
You should also make sure that the amount you are requesting is reasonable. Don’t ask for a very big amount with a history like you’ve got. Because they are less likely to approve your application when the money exceeds a certain amount.
Your blacklisting normally gets erased after a period of about five years if you manage your credit well in that time. However if you can’t wait that long you can go ahead and get bad credit motor finance if you are blacklisted.
Reduce Your Debts Quickly
Reduce debts and get free of financial problems caused by using credit cards. Or rising interest rates and whatever reasons you may be in trouble and you will finally be able to breath again.
There are millions of people worldwide who are in debt financially. They have clothing account cards, credit cards, car finance and house loans that they have missed payments on. And fallen behind to find themselves with huge money troubles, many being blacklisted and lots having cars and houses repossessed.
Do not ever wait until you are in a situation where the bank is about to repossess your vehicle or home before you decide to take action.
People who struggle to reduce debts such as secured bank loans. And have signed their property as security against the money borrowed are in serious danger of the bank selling their house at an auction. In order to recover money owed and interest charges.
This is a situation that needs to be avoided at all costs especially if there are children involved as part of a family. We have experienced and know of far too many stories.
For instance where a family sits down to supper and the next minute there is a knock at the door with a debt collector from the bank. Standing there with a court order and announcing they have come to take the house.
This only usually happens after several attempts from a bank to get in touch with the person that owes them money.
So there is a lesson there. Never ignore creditors that are trying to phone and get in contact with you. Face up to your problems and if you are in a tight situation explain everything to them. And get help if you are not already.
Getting help to pay back money that you owe as part of a loan or bond or car finance does not mean that you must fight fire with fire.
In other words, never try to get a loan or more credit from the bank or a credit provider to pay back what you currently owe. You need to find a good way to reduce debts responsibly and sensibly.
Related Help: A Free Credit Check To See If You Are On The Blacklist