I was always against this as when you default on the payments you may lose the car and not be able to get your car again. READ THE TERMS AND CONDITIONS, WELL!!!! This is how you can get a car when you have bad credit or are blacklisted: You “rent” the car.
Basically the supplier avoids giving you a loan but actually “rents” out the car to you. At the end of this “rental” period, where you may also be subject to a balloon payment, you are then able to get the car in your name. Look at it as a rent-to-own as well. Take this only when you are desperate to have a car.
Here are some of the things you will need to get improve your chances of being approved:
- A minimum refundable deposit of R 10 000.00 or R 15 000.00 or applicable category deposit, or a trade-in vehicle to the same value as the cash category deposit
- Valid Drivers License
- Valid ID
- Last 3 months pay slips
- Last 3 months bank statements
- Proof of residence – Water and lights, bank statements or lease agreement
- No criminal record and no previous unresolved issues with Blacklisted Car Finance
Speak to a few service providers and try to get the best terms such as no balloon payments, higher payment amounts, shorter rental period and try to take a smaller car… You do not need a BMW as these cars will generally be more expensive than a humble Corsa Lite.