A Guide to the Car Loans for Blacklisted
Posted by financial advisor on
You do not have to search hard for car loans for blacklisted in South Africa. They are readily available from many small and medium-sized independent lenders. It is certainly difficult and virtually impossible for any blacklisted individual to get vehicle financing from a large bank like Nedbank, First National Bank or Bidvest Bank. Now that you know what lenders to look for, you should pay greater attention to the features of these loans and how they work.
The car loans for blacklisted individuals have higher interest rate than those for credible borrowers. It is your job to shop around and to compare various deals so that you can find the lowest possible rate. You can now do this online no matter whether you live in Gauteng, Pretoria or Durban.
Online comparison services are readily available to any person in South Africa.
Most lenders are willing to grant a maximum of R250,000. This should certainly be sufficient for investing in a smaller and economic car like Fiat Punto or Ford Figo, but if you want a big beast from one of the top brands in the world, you will have to provide the rest of the funds for the purchase yourself. Used cars are another option but you have to be extra careful with these. The most important thing to note is that the purchase of a car involves additional costs like taxes and insurance which you need to take into account as well.
Getting approved for car loans for blacklisted is easy as the lenders do not perform a credit check. You just have to be employed.