Vehicle Finance for Blacklisted Individuals
Overview
Blacklisting is a form of credit impairment where individuals have a poor credit rating based on negative information on their credit score.
What is a credit bureau?
The credit bureau is a library of credit information. It provides vital information to credit providers to prevent the over-indebtedness of consumers and the granting of reckless credit.
Having a negative listing against your name makes it difficult to buy anything on credit. One you have been blacklisted, you can have a bad credit report for up to 10 years, depending on the type of listing that you have against your name.
Being blacklisted is often as a result of poor payment history. Statistics have shown that more people are finding it difficult to repay their debts. In South Africa, people spend as much as 76% of their income on paying their debt off. More people are struggling to repay their debts, which has led to more people with bad credit ratings.
This leaves these individuals with few choices for getting access to credit. When trying to get vehicle finance for blacklisted individuals, it’s important to keep in mind that there are a number of financial institutions that specialise in this type of finance.
Car –Finance is a referral company designed to meet the needs of clients struggling to get vehicle finance. The institution provides help for blacklisted individuals struggling to get vehicle finance. Lenders associated with the company are registered with the National Credit Regulator (NCR).
With Car-Finance, your personal circumstances will determine for which option and what car you will qualify for.
The institution has different options to get you into your new car with the minimum of hassle. Brokers can help you clear and repair your credit record.
Types of vehicle finance for blacklisted individuals offered by Car-Finance, include:
- Rent-to-own program
- Leased vehicle finance
What are the qualifying criteria?
- Be above the age of 18 years
- Be a South African citizen
- Earn R4000 or more per month
For simple vehicle finance for blacklisted individuals, call: 074 123 8235 or visit www.car-finance.co.za
