Vehicle Finance for Blacklisted
So you’re blacklisted and want vehicle finance. But, do you really know how much blood, sweat and tears goes into this long-term commitment? Or how it will drain your finances for the next 3 to 5 years of your life?
Things will go wrong – as they invariably do when it comes to cars! Especially if you have a bad repayment history. Do you really want to spend the rest of your natural, waking life paying off car debt?
Below are a few questions to ask yourself before you take out vehicle finance and freewheel over the cliff into a grand canyon of car debt!
Questions to Ask Yourself
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- Have you budgeted for all of the recurring costs of driving a car, on top of those pricey monthly repayments? Such as petrol, insurance, servicing, PARKING, car washes, touch-ups, tune-ups and the list goes on and on. Ask any motorist!
- Have you shopped around for more reasonable interest rates? If you’ve been blacklisted, you can expect a couple of application rejections. And, each time a credit provider does a hard inquiry credit check, your poor credit score will take a hit.
- Are you aware that most credit providers charge much higher interest rates, if you’re blacklisted? As such, you will have to shop around anyway, in order to find tolerable rates. Beware, there are plenty of loan sharks out there!
- Are you able to make all of your payments in full and precisely on time, without a single slipup for 3 to 5 years? If your track record is anything to go by, the fact that you are blacklisted does not bode well.
It may just be smarter to investigate some of your local public transport options – you may just be surprised how much money you can save! In the meantime, you can contact National Debt Advisors. NDA will help you get a crystal-clear credit record to considerably enhance your vehicle finance options.
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