Car finance for blacklisted South Africans that need to borrow money to buy an automobile can prove to be a little difficult, but it is not impossible either. If you are black listed it means that you are seen by banks and other big companies as unable to take care of your finances and thus a dangerous investment. The harsh economic climate means that many people live from day to day by borrowing cash, which can leave them with a bad credit record and little chance of getting secured loans. Nobody wants to end up borrowing cash from their family or friends and there is a chance that you could get a vehicle loan so that you can have the car you want.
It is possible to get car finance for blacklisted South Africans and this normally involves seeking out a vehicle loan from a lending institution. Some smaller institutions will provide loans that can be used to clear your already existing debt, making your bad credit record into a good credit record. These are called debt consolidation loans, and you should speak to your financial service provider for more information. This is one of the safest ways to get secured loans from other institutions because it makes it clear to them that you are able to manage your already existing debt.
If you want to buy a car on credit, it’s important to recognise that a vehicle loan often have a higher interest rate than other types of loans. You should draw up a budget and make sure that you will be able to afford the repayments on the car. If you find that you can do this, you should approach car dealerships and find out what type of car finance they offer. If you go there with your budget and show them that you will be able to pay for the vehicle eventually, they may provide you with finance. It is not an easy process and it is one that you need to invest your time in to make your dreams come true. Do not let anyone tell you that car finance for blacklisted South Africans is impossible.
Borrowing Cash from Nedbank for a Vehicle
Borrowing cash from Nedbank for a vehicle is quick and simple. All you have to do is contact your nearest branch and apply for a vehicle loan. Borrowing money from a bank is far safer than borrowing money from a private money lender. Reason being that banks are governed by the reserve bank in terms of interest and often provide their lenders a fixed interest rate when applying for a vehicle loan. This means that not only will you be ale to get your dream car, but you will be able to do so with an interest rate that doesn’t brake the bank.
If you cannot apply for vehicle finance at a branch then you can learn about borrowing cash from Nedbank for a vehicle online at www.nedbank.co.za. You can also apply for vehicle finance online too which means that no matter what you need a vehicle for, you can apply online or at your branch and wait for the approval to help you on your way. However there are some words of caution that should taken note of before applying for any loan. Firstly, never take more money than you need as the less money you take, the less you have to pay back with interest. Secondly, it is imperative that you make your monthly payments or instalments on time or else you may be slapped with penalties.
It is imperative when looking to purchase a car for either your business or personal use that you do not purchase beyond your needs. Ultimately you will be paying for this car even if the money is coming from Nedbank and what is more you will be paying of the amount loaned for the car with interest. It is often best to save up enough money to make a nice deposit on a car and then your repayments on a loan will not be as bad as they would have been should you have bought a brand new vehicle.