A Fin24 user who has no credit history is struggling to get vehicle finance. He writes:
I have a problem; I have just been made permanent and I’m struggling to get vehicle finance. I didn’t have ANY credit history but about 3 weeks ago Í opened an Edgars account. The vehicle I am looking at is R130 000.
I would suggest that you conduct your Edgars account correctly for the next 3 months so that you can build up a credit score and only then apply for finance.
Normally, if you want to apply for vehicle finance, you must meet the following risk criteria:
• Your ITC record must be clean; no defaults, judgments and you must not be blacklisted.
• You need to be permanently employed
• You should preferably be earning R6 500.00 or more a month
• The purchase price should preferably not be below R40 000
• The vehicle's year model must be between 2003 and 2013
• You must have a South African ID book as well as South African driver's licence.
- Fin24
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