Although it might be difficult, buying a vehicle or house when blacklisted is possible. If you find yourself in a position where you have a bad credit record, you might need to know a way in which you can finance a car and home. Most people want to own both at some point in their lives but purchasing these assets is difficult for most people.
It is very easy in today’s world to find yourself in trouble with debt. In order to purchase most of the things that are required for a full and successful life, most people need a loan from a financial service provider. However, getting a loan from a reputable, large and well-known financial service provider means meeting several requirements. Firstly, major financial service providers would require that any individual applying for a loan has two things:
- A good credit record
Individuals must have a good credit record with no instances of non-payment or payment that is not on time. Financial service providers want to know that they can trust potential clients to make their payments on time and in full every month.
- A steady income
Individuals should have a steady, regular income that will cover their essential living costs and their monthly loan repayments. Without proof that potential clients can cover their loan costs, reputable financial service providers will not want to take the risk of providing finance for them.
To sum, it is difficult to get a loan to purchase a vehicle or home from a reputable financial service provider if you have been blacklisted.
How people get blacklisted
Getting blacklisted is generally the final consequence of not making payments to your creditors, or not making them in full or on time. It is very easy to get in over your head with debt with all the easy options at credit. With store accounts that are easily available, with personal loans that are simple to access and with cell phone and other accounts that require monthly payments in arrears, getting into debt is dangerously easy.
Because of the desire to acquire material goods, the false assurances of credit providers that having an account is so easy and how simple it is to avoid your debt when you begin having financial trouble, it is very easy to acquire a large amount of debt. Most peoples’ financial situations are also fairly unstable, and with recessions, retrenchments and many other unpredictable situations that could occur, getting into a situation where you cannot afford to pay your debts and loan repayments on time and in full.
Buying a vehicle or house when blacklisted
There are several ways in which to find financial assistance even if you are blacklisted. Whichever option you go with, you must make sure that you are understand the agreement and read all the fine print. It is somewhat dangerous to go with relatively unknown financial service providers who provide assistance to blacklisted individuals as they may be loan sharks.
Loan shark agencies often provide loans but then charge extortionately high interest fees that clients are generally unable to repay. Interest rates can compound to as high as 1 000 percent. Always make sure that you think carefully before you sign into any loan agreement.
Companies that provide financial assistance to blacklisted individuals
There are several companies that will help you finance your home and vehicle if you have been blacklisted. The following is a list of financial service providers who will help you to purchase your vehicle or home if you have a bad financial record.
- Loan solutions
- African Bank
- Earn a Car
- Country Wide Group
- Just Loans
- Used Cars for Africa
- New Blacklisted Finance
- Better Group
Always research the company that you choose to finance your loans. It is never a good idea to get yourself into more debt when you are blacklisted. However, if you cannot hold off until your blacklistement is lifted, try to choose a company that you can rely on.