In South Africa, the ITC can blacklist you for a number of reasons. No matter why they choose to do this, you will find that obtaining financing after this has occurred is not an easy thing to do. Traditional lenders often will not lend you a small amount of money much less a large one. What do you do when you find you need the funds to buy a new car? Thankfully blacklisted car finance is available if you know where to look. If you dream of buying a car, it may be easier than you think. All you need to ask for is Non Standard Finance.
Non Standard Finance is a program that is designed to allow those who have been blacklisted to become mobile again. Certain documents must be submitted in order to do so. If you have a driving license, proof of your residential address, bank statements, a document ID and income proof, you are well on your way to getting a car. Certain application forms must also be filled out, but often these are much easier than you would think. Upon completing the application process, you should be able to obtain approval in a very short period of time.
Once you have obtaining blacklisted car finance, you must make your payments in a timely manner. By doing so, you will not only get to keep your new ride, but you will also be able to improve your credit score which will lead to having your name removed from the blacklist. When you go to choose a financial institution to provide this financing, make use of the Internet. This allows you to compare a number of lenders in a very short period of time. By taking the time to compare various lenders, you can save yourself a lot of trouble in the future.
In the past, it was next to impossible to obtain financing if you had been blacklisted. Thankfully many lenders have now realized that there is a market for this type of loan and blacklisted car finance was introduced. If you meet the requirements listed above, you can be behind the wheel of a car in very little time. Do your research though to ensure you get a great deal. If you find an unscrupulous lender, you can end up with more financial problems than you have had in the past. This does not benefit you in any way. If you have doubts about any lender, it is best to walk away and keep looking.