Motor finance for blacklisted people who need to buy a vehicle but cannot get the funds through a bank due to having a bad credit record is available through other registered credit providers. In these modern times there are literally millions of people worldwide with financial difficulties and most of them in South Africa need a car to get to jobs, school, events and so on. The public transport system in SA is not efficient enough for some people to have to go without having a vehicle and not everyone has the money to pay cash for a car.
Most companies that offer motor finance for blacklisted people will require some kind of security to be signed against the money needed to borrow. Those with bad credit records and who may have a lot of debt are considered a high risk to lend to so they will almost always require something of value higher that the car loan itself. For instance a house or other kind of property may be used to secure finance and get approved for borrowing money from certain credit providers. In the event that a person cannot pay back the cash borrowed, they are at a real risk of losing that home or property.
Payback options are usually quite flexible on this kind of solution although it is quite common for credit providers to charge reasonably large amounts of interest as applicants often feel they have nowhere else to go to borrow, the major banks will certainly not be willing to help. Think carefully before deciding you want to apply for a car loan from a credit provider and make absolutely certain you will be able to afford the monthly repayments. With a little patience and some careful research you will find that there are a handful of companies providing motor finance for blacklisted people with a bad credit record.