If you want to buy a car but you don’t qualify for a loan, you should consider no finance cars. There are many providers that offer no finance cars to qualified customers. This means that even people under debt review or blacklisted can buy a car without the rigours of the credit checks required by the banks.
Some of the requirements are as follows:
- You need to have a good job
- Have the cash flow to allow you to afford the vehicle on a monthly basis
- Select the vehicle from our available cars
- Have the deposit and the first months rental payment available, usually about R15,000
- A valid South African driver’s license (unendorsed)
- A recent payslip
- 3 months latest bank statements
- Proof of residence
Thousands of South Africans apply for car loans every single day. A large number of these applications are rejected due to bad credit history. This can make it really difficult for an individual to obtain their own personal mode of transport.
Your monthly rental fee is fixed for the duration of the lease agreement. So there are no nasty surprise balloon payments.
Because the monthly payments are fixed, you’ll be able to better plan your monthly finances, allowing you to save more and maybe put a little bit more money away for your home loan.
No Worrying About Resale
When you get to the end of the lease period you won’t have to worry about having to get rid of a car. When you sell a vehicle that you’ve been paying off for the past few years you need to try to get the best price for it so that you can try to walk away with enough money to put a down-payment on the next car.