Getting Finance For a Vehicle Even If You Have Been Blacklisted
Financing a vehicle in South Africa is no easy task if you have been unfortunate enough to pick up a judgement or two & have been blacklisted.
In fact trying to secure credit through the usual channels of finance houses like Wesbank or the other traditional banks will be very difficult if you have been blacklisted – in fact you probably won’t have any success at all.
However what really matters is how many judgements you have listed with the ITC and how many black marks you have against your name.
Obviously the more black marks on your credit record the more you will be seen as a risk by any lending institution.
What You Should Do Before Applying For Vehicle Finance
Before rushing off & submitting applications for car financing all over the place you should first establish exactly where & with which companies you have been blacklisted & whether you are listed as having any judgments against your credit record with the ITC.
So applying for credit at several companies will mean that if you have been blacklisted & have had an application denied recently this information will come up on your credit record which will probably mean that you will be denied straight away.
It is therefore worthwhile checking out your credit rating first & establishing exactly where you stand in terms of judgements & blacklisting so that these can be addressed prior to submiting your application for finance.
Furthermore you should also research other car financing options that may be available in the newspapers or other media channels which may reveal other financing sources & in-house car finance options.
However, you need to exercise extreme caution when engaging with some lenders who could turn out to be loan sharks who may not be operating within the bounds & regulations of the National Credit Act.
You therefore need to be very careful as, while a loan shark could seem to be a short term solution, enetering into an agreement with such a lender could ending causing you an unnessary amount of financial & legal trouble.
A snesible option of course would be to employ the services of a lawyer who could work on clearing your judgements & blacklisting & provide you with a clean credit history which would strengthen your position when applying for credit in the future.
So Where Can You Get Vehicle Finance Even If You Are Blacklisted
If you cannot clear your bad credit rating all is not lost because you still have other options available.
To find out more about this just go to the following link to Apply For Blacklisted Vehicle Financing here…
or just go to the following link for more information on getting vehicle finance for blacklisted people: