Car Loans for Blacklisted People
Buying a car when you are blacklisted has always been a nightmare. This was because major banks in South Africa do not provide financial assistance to people with a bad credit record. Today all of that has changed. There are now plenty car loans for blacklisted people in South Africa.
Many creditors are now willing to take a risk and provide loans to people with bad credit history. The number is growing everyday and they can be found in almost every city. Previously they used to operate in big cities like Durban, Cape Town, Johannesburg, Bloemfontein and Pretoria. This has changed to the benefit of majority people in South Africa.
What are advantages of car loans for blacklisted?
One of the main advantages is that you do not have to wait for years to settle your debts and clean your credit record, before you can own a car. While you might b servicing your loans by debt consolidation or any other means, you can still apply for car finance. Car loans for blacklisted might be a little more expensive but there are ways to keep your repayment low.
The second advantage of this form of financial assistance is that it helps you reduce your traveling cost and time you spend on public transport. It can be very frustrating to afford a car but be unable to buy one because of your credit record. Cleaning your record is always advisable although it might take a couple of years depending on the size of your debt. With car loans for blacklisted you do not have to wait for years before you can drive your own car.
Disadvantages of car loans for blacklisted
There is always a problem in adding debt on top of another. A car loans are not like short term loans because the repayment period can be more than five years. This will certainly put a strain on your shoulders if there has not been any increase on your income. We always advise people not to commit to a long term financial obligation unless they know that they can afford.