Share

Vehicle finance needed, no credit history

(Shutterstock)
(Shutterstock)
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.

George Simitopoulos, director of Carfin Vehicle Finance, responds:

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

Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query. 

Disclaimer: Fin24 cannot be held liable for any investment decisions made based on the advice given by independent financial service providers. 

Under the ECT Act and to the fullest extent possible under the applicable law, Fin24 disclaims all responsibility or liability for any damages whatsoever resulting from the use of this site in any manner.






 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.1%
Rand - Pound
23.92
-0.0%
Rand - Euro
20.42
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders