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Car Installment Take Over
Purchasing a car over time allows the consumer to buy a high priced product with a minimal monthly outlay. Unfortunately, for some people, the time comes when the vehicle becomes too expensive or inconvenient for the family budget. When a job layoff happens, or a family unexpectedly grows, getting rid of the car payment is the best option for trimming the family finances. Offering a car installment take over to a qualified buyer will remove the financial burden from the family while at the same time preserve the good credit report that is desirable.
When a dealer or individual is considering you to take over their car installments, they will ask for a few things. This includes a deposit depending on value of the remainder of the note on the car, a valid driver's licence, a valid SA ID book, your last three months of bank statements, your most recent paycheck stubs and verification of your current address with an official document. You must have a clear criminal record and proof of affordability to pay the loan through to the end. If you have a poor credit record or currently under debt review, you will still be allowed to take the installment as long as you can prove you can afford the payment.
Other Options for Purchase
If you cannot afford to purchase a new vehicle through a car installment take over because of the hefty deposit and generally higher payments, consider a rental purchase of a vehicle. A rental purchase is a contract that allows you to rent the car for a lower monthly installment with a balloon note at the end to pay off the vehicle. At the end of the leasing agreement, if you decide you no longer want the car, the dealer will take the car back with no mar on your credit report.
For some people, like foreign contractors who are in country for a specific length of time for their job contract, a mini lease is more practical than a car installment take over. A mini lease can be written for two years, one year, or even six months for the resident alien that needs personal transportation for a limited period of time.