Many people wonder how they will be able to buy a car on credit if they are blacklisted. Luckily, there are several options available to blacklisted consumers looking to purchase a vehicle. Now, before we discuss how to go about applying for blacklisted vehicle finance in South Africa, let us first touch on what exactly it means to be blacklisted. For some reason, there is a bad stigma attached to it, as if someone is on the most wanted list, but it sounds a lot worse than it actually is.
Being blacklisted in South Africa is not the end of the world. It is simply a broad term that means you have a bad credit score, which can be caused by either having an account in arrears or a judgement against you, typically due to late or missed payments. When it comes to being blacklisted, the most important thing you can do is understand why you are blacklisted. In addition to this, it is also crucial that you realise your credit profile can still remain in a bad light even after settling your debt. The good news, however, is that there are several car dealerships that will still allow you to buy a car.
If you are interested in buying a car, the first thing you need to do is get a better understanding of your credit record. Not only will this shed some light on your situation, and the options available to you, but it will also provide you with useful information on how to improve your credit score and get yourself out of that bad light. If you find that you are blacklisted, your options of how to finance your car will change.
Once you know you require blacklisted vehicle finance, your next step is to look for car dealerships that can offer you the solution you need. Now, when choosing between these several companies that offer car subscription services, or rent to own cars, you still need to look out for the obvious factors, such as the conditions of the cars they offer, the affordability of the subscriptions service, and whether the dealership has a good reputation in the industry or not. You may be blacklisted, but that does not mean you should opt for just any vehicle.
Finally, once you have decided on a company, you can sit down with a consultant to discuss your options. With blacklisted vehicle finance, these dealerships do not complete any ITC credit checks. Instead, they will assess you purely based on your affordability. Your expenses, repayments, and overall budget will be looked at to determine whether you have the extra cash required to pay for your monthly subscription. Some dealerships even offer packages where you are offered insurance, maintenance, vehicle tracking, rewards for safe driving, and the ability to swap or cancel at any time!
As you can see, there is nothing holding you back from getting your dream set of wheels. All you need to do is research the different companies and opt for the one that can offer you the best solution.
