Quick car loans on offer for those with a bad credit record are available from a number of organizations that you can contact.
But before I provide you with the name of these organizations… There are a number things that I would like you to consider.
Firstly, is it completely necessary for you to purchase a vehicle at this point in time?
If you have a bad credit history. And creditors have made judgments against your name… Then you have to consider if it is a good idea to take out further debt. Before you clear the debt that you already have.
Secondly, ask yourself if it is completely necessary for you to get a vehicle at this particular moment in time. Make sure that you do not go and purchase a vehicle that you cannot really afford.
Quick Car Loans Advice
If you are in debt and need a car, it is best to get a vehicle that will not take a lot of money in upkeep and will be fuel efficient.
Thirdly, you need to consider the other expenses that are associated with purchasing and owning a vehicle.
You will not only have to pay for petrol or diesel, but insurance on your vehicle. As well as maintenance costs.
This can cause even the person with the best intentions to fall behind on their monthly payments. Because they did not factor in these other expenses.
Fourthly, the majority of creditors willing to provide quick car loans to a person with a bad credit history will have terms and conditions. And fine print which is not always explained properly to you.
Tread Carefully Before Applying For Quick Car Loans
Although the Consumer Protection Act has been put in to place to try and safeguard consumers against fine print. And terms and conditions that they do not understand. Not everyone understands their rights.
This can therefore lead to consumers ending up in a worse situation than they were ever in. As many creditors will require you to use one of your assets to secure the loan.
This means that they will require you to place something of value against the loan amount in question. Such as a property.
Should for any reason you not be able to pay for your monthly instalments, your creditor will have the right to take ownership of your property. And sell it in order to make their money back on the loan amount.
It is therefore recommended that you never take out a secured loan from one of these institutions. But rather take out an unsecured loan.
You will most likely end up paying more in interest for an unsecured loan. But you will have piece of mind knowing that should you default on the loan, you will not lose your home.
Rent To Buy Cars in South Africa are an Option
Fifthly, should you need a car urgently, why not consider a rent-to-buy option whereby you rent a car on a month to month basis.
At the end of the period you will be able to say if you would like to purchase the vehicle.
This option is fantastic for those of you who have debt. As should you not be able to make a monthly payment.
All you have to do is return the car to the dealership and they will rent it out to someone else. It really is that simple.
Lastly, if you can get a debt consolidation loan. And clear all of your debt and clear your credit history of any judgements before taking out a loan.
This is the most responsible idea as it will safeguard you against being taken advantage of by loan sharks that offer quick car loans. As you will more than likely be able to get a loan from the banks.
Banks that have Repossessed Cars for Sale
There are plenty of banks that have repossessed cars for sale. All you have to do is find out where and when the auctions are taking place and make sure you are there.
When vehicles sell like this, it will be done so by banks like Nedbank, Standard Bank, FNB and ABSA.
These are some of the most affordable cars you will come across. And just because they are cheap it doesn’t necessarily mean that they are in bad condition.
The bidding process it quite a simple one. But if you aren’t familiar with it then it may be a good idea to visit an auction and see how it all plays out.
Vehicle Finance at Car Auctions
If you don’t have the finance you need to purchase any of these vehicles, the banks with cars for sale will also offer vehicle finance. Or normal loans that you could use providing you don’t have bad credit.
You will find out more about such auctions by visiting either a Standard Bank, Nedbank, ABSA or FNB branch and they can give you all the details.
To find a good affordable vehicle these isn’t always easy. This is why the best thing for you to do is to attend an auction like this. Figure out the bidding process and place bids on the cars that you like for cheap.
It doesn’t matter which city you are in. As long as you have some or all of these banks near to where you live. There should be regular auctions taking place where repossessions are for sale.
There are always bargains to be found. So check an auction before you try anywhere else to purchase a car at a good price.
You can learn in advance from the banks that have repossessed cars for sale when their auction normally takes place and take it from there.