Blacklisted but need a car? Join the queue! You are not the only person who is in need of a car but are blacklisted. The reason why you don’t get vehicle finance when you’re blacklisted is because you don’t qualify for a loan, just like if you were to borrow money for personal use, vehicle finance is the same as making a loan.
Vehicle finance for blacklisted people works in a different way though, you actually don’t get a loan yourself, you get loaned the car while a company makes a loan on your behalf. They can make a loan on a brand new vehicle, depending on your individual profile looks like, or they can get a second hand vehicle finance. By them loaning you they’re car, we mean that exactly, it’s not your vehicle until you make all the payments are made. So if you want to own the vehicle you will have to apply with as many companies as possible to get a deal that says that you will be able to own the vehicle.
So, do you really qualify for vehicle finance? You don’t. You are just able to get a company to ‘rent’ you one of their vehicles.
Do you still want to go ahead? Here are typical requirements for qualifying to rent-to-own a vehicle.
A rather big deposit. Think 20-25%. If you take the no deposit route just know you will have to pay a lot more over the rental agreement.
A permanent job with a good salary, and the salary has to be deposited into a bank account. You have to produce bank statements that show that your salary has been deposited into it for the previous three months or more.
You should a valid driver’s license.
Be able to currently afford it the loan vehicle.