Get approved for car loans in South Africa with a bad credit record or even if you have been blacklisted because of defaulting on previous accounts by opting to apply for a secured loan. Financial credit providers for the most part will be cautious in lending money to people who have been blacklisted or recorded as having a bad credit record due to the fact that they are seen as a high risk to lend money to. You can improve the chances of getting approved for vehicle finance by opting to apply for a secured solution instead of going for unsecured.
The chances of getting approved by banks for a car loan if you have a bad credit record or been blacklisted are slim, if not impossible with the credit act laws in South Africa that ABSA, Nedbank, Standard Bank and FNB have to abide to. The best chance you have at getting approved for any kind of vehicle finance is to opt for the online applications which get forwarded to a number of registered credit providers. Out of those credit providers there may be one who is willing to look at your circumstances and decide to offer you a secured loan providing you have property or something of value to sign against the money you need to borrow.
This kind of solution, although quite possible in many circumstances, must be approached with some caution though. If you have signed your house or property against borrowed money in the form of secured finance and you end up defaulting on payments, the creditor has every right by law to take your house and sell it to recover the outstanding funds. The possibility then exists if everything goes wrong that a borrower can end up penniless and in fact homeless! Not a place any of us want to be so be warned. There are quite a few legally registered financial credit providers offering to help South Africans get approved for a car loan even if blacklisted or recorded as having a bad credit history.