Some people seem to think that rent to buy vehicles are only a good option for customers who have a poor credit history – let’s take a look at the facts and see if there’s any truth to this urban legend.
What does it really mean to be blacklisted anyway?
Many South Africans are faced with bad news when they make credit applications, simply because they have credit histories that are less than perfect. According to the National Credit Regulator, over 10 million South Africans currently fall into this category, and in a slow economy the numbers are growing by the day.
Being blacklisted means that you may be denied access to credit – and this seems to be the case for millions of people in our country. Since that’s the case, it’s about time we stopped worrying about our credit scores and got on with the business of living – and owning a car is an essential part of life.
Does a perfect credit history mean you actually get a better deal on your car?
The sad truth about vehicle financing is that customers with excellent credit ratings only pay a little less each month than those with a few blemishes on their record. Since so many South Africans are turning to rent to buy options to buy cars, the deals that are available are getting better each month, and this is causing a lot of customers with good credit histories to rethink the way they pay for their vehicles.
Who wants credit when interest rates are rising?
The Reserve Bank has made it clear that interest rates have to go up to keep inflation in check, and with a weak Rand creating loads of inflation, financing a vehicle through banks and other lenders is about to become even more expensive. This gives South Africans a great reason to choose a rent to buy vehicle, especially when they will be getting great quality at an affordable price.
Tired of vehicle financing? Contact us today
If you’d like to avoid the lengthy credit checks and high finance charges that are part of the old fashioned car buying process, contact us today – our team is ready to show you a new car buying experience.