Despite what you might have initially thought, you are actually able to get finance for a car although you have been blacklisted or have a bad credit record. Many companies are able to get you driving brand new cars like a Volkswagen Polo Vivo or Toyota Yaris even if you are blacklisted (have a bad credit record). We would advise that you not actually get car finance and are blacklisted if you are not able to afford it. This would defeat the purpose of you getting a car. You have to be able to pay the car off.
So how does car finance for blacklisted people work?
Well, you know that you are able to rent a car, now what you able to do is rent a vehicle on a purely rent to buy or rent and buy later deal.
How much will you pay for vehicles on blacklisted finance?
You can get a Polo Vivo for less than R4 000, or how about a Mercedes for less than R8 500 a month? Well, most of these require a big deposit. Think 20% of the value of the vehicle. All these options vary, of course, based on what you qulify for and how your bad credit looks like. You are able to drive a good car if you are able to pay it off, and pay off your debt as well. Interest rates will be higher that with a traditional car finance as you are still a risk to them, and expect to pay between 14% and up to 20%, depending on who you get. Do apply to as many as you can so you can compare companies that provide car finance for bad credit.
There are other rules that apply to who will qualify for car finance. And per usual they include: you may not be on judgement or be a sequestrated individual, you must be fully employed for more than 3 months, you must have a bank account with your salary being deposited into that account, you must be a citizen of South Africa and have an ID. But these are standard requirements that you must fulfill. Please also make sure that when they do an affordability assessment that you are actually able to afford a vehicle at these interest rates. Whether you can get car insurance for this is another story.