Blacklisted Car Finance
If you are looking for blacklisted car finance because you have been declined by banks, then you are on the right post.
We discuss in this post, tips, and ways to buy a car if you have been flagged by the credit bureau and even if you have bad credit.
One thing that we know is that, if you have bad credit, you will automatically not qualify for any finance through major lenders for personal loans, mortgage, and cell phone contracts.
Second one is being on a blacklist, what does this really means?
Well, if you have been blacklisted it simply means that you name or profile has been flagged by the credit bureau, if your name is flagged, it means that lenders will not attempt to borrow you money.
Being flagged by the credit bureau in South Africa can be one of the worst type of highlights that you don’t want to have on your credit profile, it means that you will struggle to find finance.
Many people in life have progressed through their long-term goal in life by borrowing money that they did not have, by means of, personal loans, bond, car finance and even cell phone contracts.
If you want to do renovations at your house, saving up R250,000.00 can take you ages, hence we all tend to apply for long-term or personal loans to archive this type of goal.
Buying a house cash is almost impossible, yes, if you are earning thousands of rands, you can potentially buy it cash, but many people apply for finance to take care of that by means of mortgage.
You can try to save up if you don’t earn a lot of money, but that will take you ages, hence we all invest in property by means of taking a home loan.
Another one is, finding a cell phone contract when you have bad credit or your name have been flagged, the contract will not be approved, we have put together an article on how to apply for a cell phone contract if you have bad credit status.
How to Find Vehicle Finance
How to apply for blacklisted car finance?
There are other service providers that understands that, despite you being on a blacklist, you might be at a stage where you can afford, but now are blacklisted.
The following are tips and tricks on how to access blacklisted car loans and finally drive your dream car.
Inquire with Dealership
Inquire with a dealership, most of the motor dealerships have their own finance facility which is most likely not to be strict like major banks.
Also, if you are looking for blacklisted car finance, do shopping for a used car because dealerships that offer finance to those who can’t qualify due to their name being flagged are mostly selling used cars.
Most of the used car dealerships that offer finance to those who have bad credit or on a blacklist will most likely to require the following to process your car loan.
- Proof of income (3 months bank statement)
- Proof of employment (payslips)
- Your ID
Apply for a Personal Loan
You’re probably thinking to yourself, how do I apply for a personal loan when I’m blacklisted?
Fortunately, there are lenders in South Africa that can provide finance by means of personal loans to those who have been flagged and people with bad credit.
We all know that major banks and lenders will not approve you for finance if you have bad credit, the good news is, you can still apply for loans with other types of lenders.
There are online comparison websites like, Super Smart Loans, Ayoba, FinCheck and etc, that will source any type of finance if you have failed to qualify with other lenders.
These websites are not lenders themselves, however, they offer a service to help you apply for finance through many types of providers, including those who offer blacklisted loans in South Africa.
Their applications process is mostly done online, offering you paperless loans online with no hustle.
Their type of applications can be done anywhere any time at the comfort of your own space, whether you are at work or home, all that you need is a smart device, PC or cell phone.
Ask a Friend
Another alternative method to access vehicle finance is by asking a friend with a good credit profile to apply for you using their name.
This is a well-known method that has been around for years, but this type of method has always broken relationships since there is not paperwork involved.
In most cases, if you ask a friend to apply for you, eventually they end up not getting all their money back.
Conclusion
What can we take away from this post, well, you can still access blacklisted car finance by means of the following, inquiring with the dealership, applying for a loan or asking a friend.
