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Vehicle Finance South Africa

How to get vehicle finance more easily

Vehicle finance for bad credit account holders IS possible.

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How to get vehicle finance more easily

You are currently browsing and suddenly you spot your dream car. You contact the dealership and fill out all the forms. Moments later you get a declined notification for vehicle finance. Just because of a bad credit record. This article looks at getting car finance more easily if you have a bad credit history.

Look at this practical example:

You earn R16 000 after deductions and have about R5 000 in commitments. Now, because of unemployment resulting in arrear payments, you have bad credit. Currently you are in the market for a new car, but because of bad credit, you wonder if you'll get a vehicle finance loan to buy it.

You can if the following is in order:

  • The accounts was in arrears for more than 12 months
  • You have a deposit that supports the lending applied for
  • All your payments are up to date
  • You have no judgements against you

Unfortunately, it will be more difficult if:

  • Your accounts were in arrears for less than 12 months within the last year

What else can you do?

Follow these tips to make it easier to get vehicle finance:

  • Always read the contract in detail
  • Make sure of all the add-ons
  • Pay all your judgements, so that you can make use of Credit Amnesty
  • Save up for a deposit and borrow less
  • Use a vehicle finance calculator to help you determine the amount you’ll need finance for
  • Shop around for deals where less finance is needed
  • Check your credit reports thoroughly
  • Apply for finance at institutions that only supports car loans.
  • Look for deals with larger payments over shorter periods

So what’s the next step?

To get vehicle finance for bad credit, click on the button below to apply or you can contact us on: 021-835-3030.

Apply Now

Only R117 per month, once-off R395

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