Having bad credit can make it almost impossible to acquire any kind of loan. Buying a house or car on credit can become nearly impossible when you are blacklisted.
Becoming blacklisted may be a result of poor financial decisions or unfortunate financial circumstances due to sudden changes in financial circumstances. A bad credit record means that you will be regarded as a financial risk to most lending institutions.
Given the increase in the number of people who have become blacklisted in recent years, more lending institutions have created facilities designed to tap into this market. There are numerous companies that have spotted a gap in the market who now provide a much-needed service to blacklisted people.
Can I get car finance even if I’m blacklisted?
You can still get access to finance and get your own transport even if you are blacklisted. You may be charged higher interest rates however.
There are companies that specialize in providing vehicle finance regardless of a person’s credit rating. Examples include: Loan Finder South Africa, Loan-a-car, No Finance Cars, Think Money, Blacklisted Car Finance, Easy Cars, Regal Finance, MAS Financial Services.
Some companies offer vehicles on a “rent-to-buy” basis, whereby the client rents the vehicle for a set rate and period of time. Once the period ends, they then own the vehicle.
It’s important to make an effort to clear your credit record. This way, you may get decreased interest rates. There are various companies that provide services in clearing bad records. They may also be willing to provide you with the finance you need to buy a car.
It’s always advisable to seek expert help from legal practitioners and debt counsellors as soon as you realise that you cannot manage to pay your debts on time.