Blacklisted car finance is for people who have been refused a loan from ABSA, FNB, Standard Bank, Nedbank or any other major bank. And is available depending on your credit history. For instance, if you have a bad credit record. And you are on a blacklist as a high risk to lend to because of defaulting on previous accounts. Then you are going to have some difficulty borrowing money.
On the other hand. If you have minor judgements or you are on a list as a slow payer. Then you have a better chance at being able to borrow the cash you want.
Read More: How to Get Money for a Car if you are Blacklisted
You can apply for blacklisted car finance from registered vehicle loan providers in South Africa. Just be aware that this kind of solution usually comes in the form of a secured loan.
Which means that you have to own something of value. Something that you can sign as surety against the money you wish to borrow. Such as a house or a property.
Should you default on repayments after signing a contract you are giving the credit company the right to take your house or property. In the event that you cannot pay the money back.
Blacklisted Car Finance Companies
Some lending companies in South Africa are willing to lend cash to people on the blacklist for buying a vehicle. They are not under such strict rules as ABSA, FNB, Standard Bank and Nedbank. So your chances of being approved are better.
On the other hand we are obliged to say that if you are already in a lot of debt then borrowing more money for any reason is unwise. And you should probably rather be looking for a good debt counselor.
If you need a car urgently for work purposes at a new job. To earn money or similar and your credit record is not that bad. Then we feel that you are in a strong position to qualify for a loan.
Sit down and work out all your debts and expenses. Do this before you fill in the online application forms that allow you to get car finance even if you’re blacklisted or have a bad credit record in SA.