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3 Options to Get Vehicle Finance If Blacklisted

Vehicle Finance • by Creditgenie • 19 October 2017

The changeable, economic landscape of recent years have landed many South Africans in a sticky financial situation. If you need blacklisted vehicle finance, but are being refused because of your bad credit rating, your situation is not impossible. Lenders have now made vehicle finance for blacklisted consumers more attainable.

Blacklisted Vehicle Finance: 3 Available Options

Micro Loans

Micro lenders provide blacklisted vehicle finance to the public. To qualify, the lender will assess how you manage your debt and if you can afford the loan. You won’t qualify if you are under debt counselling, debt review or debt administration, and some lenders may even decline you if you have judgements.

You have two options: an unsecured personal loan or vehicle finance

Unsecured Personal Loan

You must be permanently employed for at least three (or six) months and earn a basic salary. Most lenders offer loans up to R15 000. Depending on your affordability you could pay as much as 60% interest per annum. This might seem like an exorbitant amount to pay for interest, but at least you’ll get your car.  Click here to start your application for a personal loan online with Creditgenie.

Vehicle Finance

If your affordability is poor, you could consolidate your debt, leaving you with lower monthly payments, better cash flow, and ultimately improve your credit score, allowing you to afford further finance. Once you have proved to pay your accounts on time for a minimum term of three months, you could get vehicle finance in South Africa, of up to R80 000 and pay interest up to 25%. You will be required to pay a deposit. Lenders will accept no residual values, which means you have to pay back the full loan. If you renege on your payments, your car can be repossessed.

You rent the car from month to month, and at the end of the renting term, it becomes yours, or you could return it for another rent-to-own car. The car does not belong to you, but to the dealership you’re renting it from. You may be required to pay a deposit. Your monthly payment may include the following fees: insurance, tracking, warranties, etc. You can give one month’s notice at any time if you want to cancel the contract. You are responsible for servicing the car and liable for any traffic fines you incur. This option can help you improve your credit score if you make your payments on time.
In-house Car Finance

The dealership provides finance for you, i.e., you buy the car from the dealership and pay the dealership for the car. Their interest rates are higher. Dealerships don’t look at credit scores, but whether you can afford the monthly payments. This can improve your credit score, as dealers report your payment habits to the credit bureaux. This option frees you from applying for a loan with a financial institution that will more likely turn you away.

Being blacklisted does not necessarily have to impede your ability to obtain finance for your car. There are lenders who will help you and a few options for you to choose from.


•    Check your credit status before applying for a loan.
•    Do your research before taking out a loan.
•    Compare different lenders to see which one is offering you the best deal.
•    Read the terms and conditions of your contract before you sign


•    Interest rates are set out by the NCA and regulated by the NCR
•    60% per annum is the maximum interest rate allowed by the NCA


Check out more of our personal finance articles here.