You have two options here, traditional finance with a large deposit or a rent-to-own option. Consider both options, here is more information on both options:
Car Finance for Blacklisted Individuals
Blacklisted car finance for individuals with bad credit – All you need to know.
Applying for car finance can be tricky if you are blacklisted, here are a few tips to help you get the financing you need:
1. Know your credit score. This is one of the first things a lender will look at when considering a car loan for someone with bad credit. By knowing your credit score, you can better estimate the interest rate you’ll be offered and whether you’ll be approved for a loan at all.
2. Shop around for the best deal. Don’t just go with the first lender who offers you car finance. Compare interest rates, terms, and conditions to make sure you’re getting the best possible deal.
3. Be prepared to put down a larger down payment. Because you’re considered a higher-risk borrower, lenders may require a larger down payment than they would for someone with good credit. Be prepared to put down 20-30% of the purchase price of the car in order to get approved for financing.
4. Make sure you can afford the payments. Car loans for blacklisted borrowers typically come with higher interest rates, which means your monthly payments will be higher as well. Make sure you can afford the monthly payments before you sign on the dotted line.
By following these tips, you can improve your chances of getting approved for car finance even if you are blacklisted.
Rent-To-Own cars South Africa – How it works.
A rent-to-own car is a great option for people who need a vehicle but may not have the best credit or the ability to purchase a car outright. This is also a good option for people under debt review.
Here’s how it works:
You agree to make monthly payments on the car for a set period of time, usually two to three years. The car remains the property of the dealership during that time. At the end of the agreed-upon term, you have the option to purchase the car outright or return it to the dealership.
If you decide to purchase the car, all of your previous rental payments will be applied toward the purchase price. If you decide to return the car, you simply walk away with no further obligation.
Rent-to-own cars are a great way to get behind the wheel without having to commit to a long-term loan. And, if you do decide to purchase the car at the end of your rental period, you’ll already have made a significant down payment.
There are companies that offer blacklisted vehicle finance same day approval in Cape Town, Durban and Gauteng. Most of them offer the rent-to-own option, lets unpack that in the next section.
4 Tips when looking at the rent-to-own car option
Here are a few things to keep in mind when considering a rent-to-own car:
1. Read the contract carefully before you sign anything. Make sure you understand all of the terms and conditions, including the length of the rental period, the monthly payment amount, and what happens at the end of the agreement.
2. Shop around for the best deal. Just like with any other car purchase, it’s important to compare prices and terms from multiple dealerships before you decide on a rent-to-own agreement.
3. Be prepared to make a large down payment. Because you’re considered a higher-risk borrower, you may be required to make a larger down payment than you would if you were financing the purchase of a car outright.
4. Make sure you can afford the monthly payments. Just like with any other car loan, it’s important to make sure you can afford the monthly payments before you sign on the dotted line.
By following these tips, you can be sure that you’re getting the best possible deal on a rent-to-own car.
Can you get car finance without a Payslip?
A payslip is not always required. You have to show that you receive a consistent income and have been doing so for an extended period. If you do not have a payslip you may be asked for bank statements over a longer period to appy for car finance.
For cell phone contracts for blacklisted click here.