There’s a number of reasons that vehicle finance makes sense such as a having a new family with children, a job which requires a lengthy commute, or perhaps you simply live in an area of South Africa with poor transportation. Perhaps your current car has simply given out and it’s time to replace it. We do advise only proceeding with vehicle finance if you truly need a car.
So what are your best options for vehicle finance? Is it possible to get the loan that you need so you can get a vehicle? Will you be forced to scrimp and save until you are able to purchase a vehicle outright? The reality of the situation might surprise you. You might come to realise there is no need to stress over getting the money you need for the car you require.
Vehicle Finance Loans – Preparation & Requirements
One of the first things that you need to do is check to see what your credit score is currently so that you can discover your eligibility with different lenders. There are options to get your score for free. Checking your credit score provides you with the opportunity to see if there are errors that need to be corrected. Correcting errors can help increase your overall credit score. If you find that e news is bad, there’s still some lenders who may consider giving you an auto loan even if you have bad credit.
After determining what your credit score is you need to check your finances and determine how much you feel you would be able to put down on a car. You also need to take into consideration how much you feel you can financially afford toward the monthly loan payment. It might also be a good idea to look for providers that have a flexible repayment plan.
Comparing Vehicle Finance Lenders
It’s also a smart idea for you to consider comparing different lenders. By doing a comparison this will help you to find the best loan possible with the lowest repayment rate. Once you have decided on a specific lender be prepared to have them check your financial background. They will also want to verify your income and establish your ability to pay. In most cases you can also anticipate paying a high interest rate as they are necessary when giving loans to high risk individuals. In general, it is possible to get auto loans for bad credit if you do a bit of research and plan.
We would recommend going with a large, reputable provider such as Wesbank vehicle loans for car financing.